Steel executives' guild urges PM Modi for 'hassle-free' SAIL-NINL merger

With MMTC going public on its intent to sell stake in NINL and two other key promoters also wanting out, revival of proposal for merger with SAIL can inject a dose to hope to the ailing NINL

Neelachal Ispat Nigam Ltd (NINL) which is in the dumps following its lead promoter MMTC's decision to exit the public sector steel unit, has elicited support from a confederation of steel executives.

Kolkata-based Steel Executives Federation of India (SEFI) has written to Prime Minister Narendra Modi, demanding the merger of loss accumulating NINL with the bigger PSU steel maker Steel Authority of India Ltd (SAIL).

With MMTC already going public on its intent to sell stake in NINL and two other key promoters- the state government controlled Odisha Mining  Corporation (OMC) and Industrial Promotion & Investment Corporation of Odisha Ltd