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Tata Steel Long invests Rs300 crore in Neelachal Ispat in second tranche

The proposed funding will be used to meet the NINL's initial working capital and Capex requirements.

November 25, 2022 11:50 IST | India Infoline News Service
Tata Steel Long Limited informed that it has acquired 4,68,75,000 equity shares of Rs10 each at a premium of Rs54 per share, of Neelachal Ispat Nigam Limited, a subsidiary of the company, for an amount aggregating to Rs300 crore.

This is the Tranche 2 of the investment in the equity shares of NINL.

Neelachal Ispat Nigam Limited operates a 1.1 MTPA integrated iron and steel plant in Kalinganagar, Odisha, as well as iron ore mines with a 90 MT reserve.

The proposed funding will be used to meet the NINL's initial working capital and Capex requirements, including the start-up of the iron and steel plant in Kalinganagar, the repayment/prepayment of liabilities, and other general corporate purposes.

In 2002, NINL built a 1.1 MTPA blast furnace to produce pig iron. Following that, other supporting facilities such as a sinter plant, a coke oven plant, a power plant, and so on were put into operation.

At around 11.53 AM, Tata Steel Long was trading at Rs641.60, up by 0.86% against previous close of Rs636.20 on NSE. The counter hit intraday high and low of Rs644.35 and Rs634 respectively.

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