Govt tweaks rules for potential bidders of NINL

The interested bidders can apply to seek approval for the change to the transaction adviser within 60 days, DIPAM said

The government has tweaked rules to allow sole bidders of Neelachal Ispat Nigam Ltd (NINL) to form a consortium, and existing consortium to induct or exclude new members.

The interested bidders can apply to seek approval for the change to the transaction adviser within 60 days, the Department of Investment and Public Asset Management (DIPAM) said. The divestment is based on enterprise value of the company, and the proceeds would be used to repay the company's lenders, it said.

The company had submitted a restructuring plan on Dec 17, 2020, to the consortium of banks, and its requirement of Rs 350 crores