Govt gives nod for sale of equity shares of 6 PSUs in Neelachal Ispat

The six PSUs are MMTC, National Mineral Development Corporation, Bharat Heavy Electrical Ltd, Odisha Mining Corporation, Odisha Investment Corporation and MECON

The government on Wednesday in-principle approved strategic sale of Neelachal Ispat Nigam Ltd (NINL) by allowing six PSU shareholders to sell their stake in the steel company.

A decision in this regard was taken in the meeting of the Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi, Information and Broadcasting Minister Prakash Javadekar told reporters.

NINL is a joint venture company, in which four central PSUs -- MMTC, National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL) and MECON -- and two Odisha government companies IPICOL and Odisha Mining Corporation (OMC) are shareholders.

MMTC holds 49.78 per cent