Tata Steel on Tuesday said the company will complete the acquisition of Neelachal Ispat Nigam Limited (NINL) by the end of the current quarter. The acquisition of the Odisha-based steel maker is crucial for Tata Steel to build a dedicated Long Products Complex.
TV Narendran, CEO and MD, 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.
Earlier this year, Tata Steel announced winning bid to acquire 93.71 per cent stake in NINL 12,100 crores.
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.