Operations at the 1.1 million tonne integrated NINL plant in Kalinganagar, where Tata Steel has a steel plant, are currently suspended.
NINL acquisition news: Tata Steel will complete the acquisition of Neelachal Ispat Nigam Limited (NINL) by the end of the current quarter, its CEO and MD TV Narendran said on Tuesday.
The acquisition of NINL is significant for building a dedicated long product complex for Tata Steel.
On January 31, Tata Steel announced winning bid to acquire 93.71 per cent stake in Odisha-based steel maker NINL for Rs 12,100 crore.
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In a conference call with reporters on Tuesday, Narendran said, “The acquisition of Neelachal Ispat Nigam Limited will close in 1QFY23 and we will accelerate this to fuel the expansion of our high-value retail business.”
Operations at the 1.1 million tonne integrated NINL plant in Kalinganagar, where Tata Steel has a steel plant, are currently suspended.
NINL has its own captive power plant to meet the internal power requirement and air separation unit for production of Oxygen, Nitrogen and Argon. Apart from this, the company also has its own captive iron ore mines which are under development.