Centre to relax lock-in period for sale of NINL assets to one year

The condition for the sale would be subject to the sale proceeds being utilised for the company within three years

The Centre has conceded most of the demands of potential buyers of Neelachal Ispat Nigam Ltd (NINL). These include lowering the lock-in period for sale of assets to one year and allowing the new buyer to undertake the amalgamation of a special purpose vehicle (SPV) into NINL.

An inter-ministerial group led by Department of Investment and Public Asset Management (Dipam) Secretary Tuhin Kanta Pandey and the core group of secretaries on divestment (CGD) headed by Cabinet Secretary Rajiv Gauba have decided that the lock-in period can be reduced to one year from the date of completion of sale, from the earlier