Question
Download Solution PDFCabinet Committee on Economic Affairs has approved the sale of Neelachal Ispat Nigam Limited (NINL) to which of the following?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Tata Steel Long Products.
Key Points
- Cabinet Committee on Economic Affairs has approved the sale of Neelachal Ispat Nigam Limited (NINL) to Tata Steel Long Products.
- The government does not hold any equity in the company.
- NINL has an integrated steel plant with a capacity of 1.1 MT, at Kalinganagar, Odisha.
Important Points
- The transaction was made through an open-market, competitive bidding process towards the enterprise value of the company.
- This is the first instance of privatisation of a public sector steel manufacturing enterprise in India.
Additional Information
- NINL is a joint venture of 4 Central Public Sector Enterprises and 2 Odisha government Public Sector Undertakings.
- 4 CPSEs are:
- MMTC (Metals and Minerals Trading Corporation)
- NMDC (National Mineral Development Corporation)
- BHEL (Bharat Heavy Electricals Limited)
- MECON (Metallurgical & Engineering Consultants)
- 2 PSUs of Odisha government are:
- OMC (Odisha Mining Corporation)
- IPICOL (Industrial Promotion & Investment Corporation of Odisha Limited).
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