Strategic disinvestment of NINL likely to be completed by Dec

Bhubaneswar: The process for the strategic disinvestment of Odisha-based state-run joint venture company Neelachal Ispat Nigam Limited (NINL) is likely to be completed by December, officials said on Monday.

NINL is a Joint Venture company, in which four CPSEs namely MMTC, NMDC, BHEL and MECON and 2 state PSUs of Odisha Government, namely IPICOL and OMC are shareholders. The 1.1 million tonne a year integrated steel plant is located at Kalinganar in Jajpur district.

NINL managing director, RK Jha said the disinvestment process for NINL is going on very fast.

Many big bidders have come forward and they want to take over the company, he said.

The Department of Investment and Public Asset Management (DIPAM) under the aegis of the Ministry of Finance had invited preliminary bids for the strategic sale of NINL in January this year.

The government has received multiple expressions of interest for the privatisation of the company, sources said.

Last year, the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has given ‘in principle’ approval for the strategic disinvestment of the company.