Tata Steel Long Products signs definitive agreements to acquire 9371Percentage stake in Neelachal Ispat Niga

18 Mar 2022 , 01:33 AM

Tata Steel Long Products TSLP and Tata Steel TSL have on 10 March 2022 executed a Share Sale and Purchase Agreement with MMTC NMDC MECON Bharat Heavy Electricals Industrial Promotion and Investment Corporation of Odisha Odisha Mining Corporation President of India Government of Odisha Neelachal Ispat Nigam NINL for acquisition of 9371Percentage equity shares in NINL The acquisition provides an inorganic growth opportunity for TSLP to grow in the long products business and leverage the captive iron ore mines of NINL The total consideration of Rs 12100 crore reflects the enterprise value from which the liabilities shall be settled and the balance shall be paid for acquisition of 9371Percentage equity shares in NINL NINL was incorporated on 27 March 1982 to set-up an integrated steel plant to undertake manufacturing and sale of steel products NINL initially set up a 11 MTPA blast furnace in 2002 to produce pig iron Subsequently other supporting facilities like sinter plant coke oven plant power plant etc were commissioned