JSW joins race to acquire Nilachal Ispat Nigam Ltd

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Bhubaneswar : After acquiring Bhushan Steel and Power Ltd (BSPL), JSW steel has joined the race for acquiring another Odisha based steel company Nilachal Ispat Nigam Limited (NINL).

According to a report by ‘Moneycontrol.com’, the Sajjan Jindal led steel major has submitted the Expression of Interest (EoI) for NINL yesterday (26th March). With this JSW steel joins Tata Steel, Arcelor Mittal Nippon Steel (AMNS) in the race for the loss making public sector steel manufacturer.

Located in Kalinganagar of Odisha’s Jajpur district, NINL is a joint venture between several central and Odisha government owned PSUs like MMTC, NMDC, MECON, BHEL, IPICOL, OMC. While, MMTC holds 49.78% stake, NMDC holds 10.10% stake and both MECON and BHEL holds 0.68% each. On the other hand, two Odisha government owned PSUs Odisha Mining Corporation (OMC) and Industrial Promotion and Investment Corporation of Odisha Limited (IPCOL) hold 20.47% and 12% stake respectively.

The Department of Investment and Public Asset Management (DIPAM) under the Ministry of Finance in January 26 had invited Expression of Interest (EoI) for sale of 93.71% of NINL.

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