Diamond in the rough: Why NINL is attracting interest from all the big boys

Why the sale of a loss-making public sector steel company, which has been closed for over a year, is attracting interest from all the big boys of the industry

Compared to some of the stressed steel assets that went under the hammer under the Insolvency and Bankruptcy Code (IBC) since 2018, the 1.1-million tonne Neelachal Ispat Nigam Ltd (NINL) with its facilities in Kalinganagar, Odisha, is a minnow of sorts. But by the close of March 29 — the due date for submission of expression of interest (EOI) for its strategic sale — NINL had drawn interest from all the big boys of the industry, JSW Steel, Tata Steel (through Tata Steel Long Products), ArcelorMittal Nippon Steel India (AM/NS India) and Vedanta-owned ESL Steel. There could be others, too.

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