Mint, citing people aware of the development, reported that the Department of Investment & Public Asset Management has shortlisted ArcelorMittal, JSW Steel, Tata Steel and Megha Engineering & Infrastructure Ltd for the proposed 100% strategic disinvestment of Neelachal lspat Nigam Ltd. As per report “The data room has been opened up for these qualified interested parties who were shortlisted after submitting expressions of interest and are now participating in the request for proposal stage. The draft share transfer agreement has been issued and site visits have been scheduled. Post this, the financial bids will be submitted.”
SBI Capital Markets Ltd is the transaction adviser
Neelachal Ispat Nigam Limited was incorporated in 1982 to set-up an Integrated Steel Plant to undertake manufacturing and sale of steel products. NINL's manufacturing unit is located at Kalinganagar Industrial Complex, Duburi in Odisha. The Company has built its manufacturing facility in two phases. In Phase I, the Company had set up the blast furnace of 1.1 million tonne per annum to produce pig iron which was commissioned in 2002. Subsequently, other supporting facilities like Sinter plant, Coke oven plant, Power plant were commissioned. The Company thereafter set up a Steel Melting Shop with installed capacity of 897,000 tonnes per annum for producing billets as Phase II capacity expansion plan along with Continuous Casting Shop, Ladle Furnace, Billet Caster and other auxiliary facilities which were commissioned during FY 2014. NINL has also been allotted a captive iron ore mine in Odisha having an estimated mineable reserve of around 90.91 million tonne. The major shareholders of NINL include MMTC 49.78%, NMDC 10.10%, MECON 0.68%, BHEL 0.68%, IPICOL 12.00% and OMC 20.47%.
source：SteelGuru Business News
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