According to the Ministry of Finance, Tata Steel Long Products has acquired Neelachal Ispat Nigam Limited (NINL), completing the strategic disinvestment process.
Metals and Minerals Trading Corporation (MMTC), National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Limited (BHEL), Metallurgical & Engineering Consultants Limited (MECON), Odisha Mining Corporation (OMC), and Industrial Promotion & Investment Corporation of Odisha are partners in the joint venture known as NINL (IPICOL).
The Ministry announced that the strategic disinvestment transaction involving NINL has been completed with the transfer of 93.71 percent of the shares of the Joint Venture Partners - MMTC with a 49.78 percent shareholding, NMDC with a 10.10 percent stake, BHEL with a 0.68 percent stake, MECON with a 0.68 percent stake, OMC with a 20.47 percent stake, and IPICOL with a 12 percent stake - to the strategic buyer Tata Steel Long
For Tata Steel to construct a dedicated long products complex, the acquisition of NINL was essential because NINL has its own captive power plant to meet internal power requirements and an air separation unit to produce oxygen, nitrogen, and argon.
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