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Tata Steel arm to buy govt stake in Neelachal Ispat for Rs 12,100 crore

This is the first time a public sector steel manufacturing company has been privatised in India

Govt approves sale of Neelachal Ispat to Tata Steel Long Products
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The new buyer will have to retain employees of NINL for one year

Nikunj OhriIshita Ayan Dutt New Delhi/Kolkata
In its second acquisition of a public sector undertaking (PSU) within a week, the Tata group has bagged a majority stake in Neelachal Ispat Nigam (NINL), giving a strong push to the government’s privatisation drive, showcasing the interest of marquee private sector investors in the Centre’s assets.

 The Alternate Mechanism, comprising Union Ministers Nitin Gadkari, Nirmala Sitharaman, and Piyush Goyal, approved the divestment of the 93.7 per cent stake held in NINL by four central PSUs and two companies of the Odisha government, to Tata Steel Long Products (TSLP) at an enterprise value of Rs 12,100 crore. 

The reserve price for the

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First Published: Jan 31 2022 | 5:43 PM IST

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