Mumbai: Tata Steel will control Neelachal Ispat Nigam (Ninl) after bid by Rs 12,100 Crore, including equity and debt, the government said on Monday.
The Sons Tata Unit plans to make Neelachal Odisha facilities, currently die, a hub for a long steel business in the future.
Long steel products refer to stems, rails and bars used in the construction sector.
The agreement came hot on the heel of Tata Sons acquiring Air India from the government through the privatization process.
M & A in accordance with Tata Steel’s strategy to double the Indian business after selling some unfavorable foreign businesses.
In 2018, he acquired Bhushan Steel for Rs 35,200 Crore, the largest M & A under the Chair of the Tata N Chandrasekan steel (who is also the Chair of Tata Sons) – India’s first consolidation step as part of the strategy.
On Monday, the government said it had agreed to the highest bidding of Tata Steel’s long products, a $ 21-billion steel unit, for 94% of the shares in making a loss of nesellachal at the company value of Rs 12,100 Crore.
In addition to Tata Steel, Billionaire Industrialis Sajjan Jind-controlled JSW Steel and grouping Jindal & Power steel (owned by Sajjan Naveen Jindal’s sister) and Nalwa Steel & Power handed over financial offers for NeeLaChal.
Tata Steel must pay 10% of the bidding number when signing a stock purchase agreement.
Neelachal’s debt exceeds Rs 6,600 Crore, while the accumulation of losses is Rs 4,228 Crore on March 31, 2021.
This is the first example of the privatization of public sector steel manufacturing companies in India.
Tasas’ ₹ 12 K CR BIDS PSU Steel Co Neelachal
