Tata Steel will complete the acquisition of Neelachal Ispat Nigam Limited (NINL) by the end of the current quarter, its CEO and MD T V Narendran said on Tuesday.
The acquisition of NINL is critical for Tata Steel to build a dedicated long products complex.
On January 31, Tata Steel announced winning the bid for acquiring 93.71 per cent stake in Odisha-based steel maker NINL for Rs 12,100 crore.
In a conference call with reporters on Tuesday, Narendran said, "The acquisition of Neelachal Ispat Nigam Limited will be closed in 1QFY23 and we will scale it up rapidly to drive expansion of our high-value retail business."
Operations at the 1.1 million tonne integrated NINL plant at Kalinganagar, where Tata Steel has a steel plant, are suspended at present.
NINL has its own captive power plant to meet the internal power requirement and air separation unit for producing oxygen, nitrogen and argon. Besides, the company also has its own captive iron ore mines which are under development.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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