Bhubaneswar: The process for disinvestment of Odisha-based Central Public Sector Undertaking (PSU) Neelachal Ispat Nigam Ltd (NINL), is likely to be completed by December this year. Several bidders have expressed interests in taking over the NINL, officials said, as per IANS report.
Disinvestment in Public Sector in India
- “The disinvestment process for NINL is going on very fast. The government has received a very good response. Many big bidders have come forward and they want to take over the company,” NINL Managing Director RK Jha was quoted as saying by IANS.
- “We are at the advanced stage of disinvestment. Most probably by December, this company will be disinvested,” Jha 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, as per IANS report.
- The government has received multiple expressions of interest for the privatisation of the company, IANS reported.
- Meanwhile, Tata Power has snapped electricity supply to the Central PSU due to non-payment of long-pending dues, source said. The 1.1 million tonne a year integrated steel plant is located at Kalinganar in Jajpur district, which is treated as an industrial hub of Odisha, according to IANS report.
- NINL’s equity shareholding consists of Minerals & Metals Trading Corporation (49.78 per cent), National Mineral Development Corporation (10.10 per cent), MECON (0.68 per cent), Bharat Heavy Electricals (0.68 per cent), Industrial Promotion and Investment Corporation of Odisha (12 per cent) and Odisha Mining Corporation (20.47 per cent), IANS reported.
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