Odisha govt looks to sell minority stake in loss-making Neelachal Ispat

NINL has had a chequered history of merger plans and hostile takeover bids by bigger public sector firms

As the Centre contemplates options to revive the loss-making Neelachal Ispat Nigam Ltd (NINL) through a merger, or divestment, the Odisha government, one of the minority stakeholders in the steel entity, is weighing options to exit it.

MMTC, a trading firm under the Union ministry of commerce and industry, is the largest stakeholder in NINL with an equity of 49.9 per cent. The Odisha government via its two undertakings - Odisha Mining Corporation (OMC) and Industrial Promotion & Investment Corporation of Odisha Ltd (Ipicol), owns 26 per cent stake. NINL has been consistently piling up losses for the past five