Tata group acquires Odisha-based Neelachal Ispat Nigam Ltd (NINL) for Rs 12,100 crore

Tata Steel Long Products has won the bid to acquire Neelachal Ispat Nigam Ltd (NINL) for around Rs 12,100 crore at a time when the steel sector is going through an upturn. Neelachal Ispat Nigam Ltd (NINL) is a steel plant located in Kalinganagar in Odisha and was shut in March 2020 due to continued losses. It has a capacity of 1.1 million tonnes a year.

NINL is a joint venture of 4 CPSEs — MMTC, NMDC, BHEL, MECON and 2 Odisha Government PSUs — OMC and IPICOL.