Tata Group firm to buy govt stake in Neelanchal Ispat for Rs 12,100 crore

A Tata Group firm Tata Steel Long Products Ltd (TSLP) has won the bid to buy the government's stake in Neelachal Ispat Nigam Ltd (NINL) for Rs 12,100 crore, Union Finance Ministry said on Monday.

According to a statement released by the Finance Ministry, a panel on disinvestment comprising of Union Ministers Nirmala Sitharaman, Piyush Goyal and Nitin Gadkari, has approved the sale of 93.7 per cent stake held in Neelachal Ispat Nigam Ltd by four central PSUs and two Odisha government companies.

The panel has "approved the highest bid of M/s Tata Steel Long Products Limited for 93.71 per cent of shares of Joint Venture partners of 4 CPSEs and 2 Odisha Govt State PSEs at the Bid Enterprise Value of Rs 12,100 crore," the Union Finance Ministry said.

( With inputs from ANI )