Boost For Govt's Privatisation Push: Multiple EoIs Received For Disinvestment Of Neelachal Ispat Nigam Limited

by Swarajya Staff - Mar 30, 2021 08:49 AM +05:30 IST
Boost For Govt's Privatisation Push: Multiple EoIs Received For Disinvestment Of Neelachal Ispat Nigam LimitedPrime Minister Narendra Modi with Finance Minister Nirmala Sitharaman.

In a big fillip for the government's privatisation push, multiple expressions of interest (EoIs) have been received from bidders for the sale of Centre's stake in Neelachal Ispat Nigam Limited (NINL).

Sharing the development, Department of Investment and Public Asset Management (DIPAM)'s Secretary Tuhin Kanta Pandey said on Monday (29 March) that the transaction has now moved to the second stage.

NINL is a joint venture between several central public sector undertakings MMTC, NMDC, BHEL, MECON and two Odisha government-owned undertakings OMC and IPICOL, reports Economic Times.

The Union Cabinet headed by Prime Minister (PM) Narendra Modi had cleared the strategic disinvestment of equity shareholding of the aforementioned companies in NINL in January last year, following which DIPAM had in January this year invited the preliminary bids. The last date for bid submission was 29 March.

The NINL has set up a 1.1-million-ton Integrated Iron and steel plant at Kalinganagar, Duburi, District-Jajpur, in Orissa. NINL has its own captive power plant to meet the internal power requirement and air separation unit for producing oxygen, nitrogen and argon. The NINL is having own captive iron ore mines which is under development.

Meanwhile, it should be noted that the government is also in the process of disinvesting its stake in several other PSUs.

Of these, the disinvestment process for Air India, Bharat Petroleum Corporation Limited (BPCL), Pawan Hans, Bharat Earth Movers Limited (BEML) and Shipping Corporation of India (SCI) have entered the second stage.

(With inputs from IANS)

Get Swarajya in your inbox everyday. Subscribe here.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Comments ↓
Get Swarajya in your inbox everyday. Subscribe here.

Latest Articles

    Artboard 4Created with Sketch.