Privatization News: Despite the opposition to privatization, the government has handed over another big company to private hands. This time the command of this big company has been given to the hands of legendary businessman Ratan Tata. Actually, this company was running at a loss, and on 30 March 2020, this plant is closed for 2 years. But things are starting to turn around for this company now. And after about two years, this company is ready to open. Let us know how far the preparations have reached.
Government company’s open luck!
In fact, as soon as the government company Nilachal Ispat Nigam Limited (NINL), which was closed for almost two years, went into the hands of Ratan Tata, its fortunes started changing. Tata Steel CEO and Managing Director TV Narendran said that the target is to start the Nilachal Steel Plant in the next three months. That is, the company will now open soon.
Work will start after two years
“We are prepared to work with the current workers and revive the factory, which has been shut down for almost two years,” said managing director TV Narendran. We anticipate beginning production in the next three months and reaching installed capacity in the following twelve months. Not only this, but Tata Steel will also take steps to increase NINL’s capacity to 5 million tonnes and obtain the necessary approvals for the same.
Tata won the bid
It is noteworthy that Odisha-based Neelachal Ispat Nigam Limited (NINL) has been handed over to a Tata group company. According to an official, Tata Steel Long Products (TSLP), a division of Tata Steel, won the tender to buy 93.71 percent of NINL at an enterprise value of Rs 12,100 crore in January of this year. After achieving this achievement, the business disbanded the group that included JSW Steel Limited, Jindal Steel & Power Limited, and Nalwa Steel & Power Limited.
Let us inform you that Neelachal Ispat Nigam Limited has an integrated steel plant of 1.1 MT capacity at Kalinganagar, Odisha. The plant has been closed since March 30, 2020, and this government-owned corporation is likewise experiencing enormous losses. The company has debts and liabilities of over Rs 6,600 crore as of March 31, 2021, of which Rs 4,116 crore to promoters is Rs 1,741 crore. Huge dues of banks, other creditors, and employees.
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