5 Jul 2022 , 09:31 AM
The company has completed the transaction for an aggregate consideration of Rs12,100 crore in compliance with the terms & conditions of the Share Sale and Purchase Agreement entered into by the Company.
Tata Steel Long Products has acquired a 93.71% stake in 1 million tons per annum Neelanchal Ispat Nigam.
The entire process was carried out by the Department of Investment and Public Asset Management (DIPAM).
The company has subscribed to 48,43,75,000 equity shares of face of Rs10 each aggregating to Rs3,100 crore by TSLP.
Further, it has subscribed to 0.01%, 45,60,54,252 Non-Convertible Redeemable Preference Shares of face value of Rs100 each aggregating to approx. Rs4,560.54 crore by TSLP.
As part of the acquisition, it has also purchased 69,40,29,741 equity shares from MMTC Ltd, NMDC Ltd, MECON Ltd, Bharat Heavy Electricals Ltd, Industrial Promotion and Investment Corporation of Odisha Ltd, and Odisha Mining Corporation Ltd for the balance consideration.
Consequently, NINL has become a subsidiary of TSLP and an indirect subsidiary of Tata Steel Limited.
The acquisition of NNIL is a strategic investment by Tata Steel as it provides synergies of infrastructure, resources, management, etc. along with an opportunity to build a committed and sustainable long products complex.
The plan is to not only restart the one million tonnes per year steel plant as soon as possible, but also to expand capacity by building a 4.5 million tonnes per year state-of-the-art long products complex in the coming years, and then to expand it to 10 million tonnes per year by 2030.
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