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Tata Steel, JSW, Adani likely to bid for Neelachal Ispat's Odisha plant
Date: 30-01-2020 00:00:00

29 Jan 2020 16:42 reported by Judy Lin According to the report, Tata Steel, JSW Steel and Adani Group, three of the global steel giants, would like to bid for Neelachal Ispat Niga Ltd's (NINL) plant in Odisha, which annual capacity with about 1 million tons of crude steel. The Cabinet Committee on Economic Affairs approved earlier this month for the disinvestment of 100% equity share in NINL which jointly owned by MMTC Ltd. The largest shareholder MMTC now was interested to sell its entire nearly 50% in NINL. The plant's 2 other owners, Corporation and Industrial Promotion & Investment Corporation of Odisha Ltd were both no longer to add their shares up to 32%. The analysts believed that the bidders would be interested in NINL because the steel plant has captive iron ore mine. However, those bidders did not command about their plans for NINL yet.

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