Tata Steel to complete acquisition of Neelachal Ispat Nigam by end of current quarter
4th May 2022

Tata Steel is planning to complete the acquisition of Neelachal Ispat Nigam (NINL) by the end of the current quarter. The acquisition of NINL is critical for Tata Steel to build a dedicated long products complex. On January 31, Tata Steel announced winning the bid for acquiring 93.71 per cent stake in Odisha-based steel maker NINL for Rs 12,100 crore.

The acquisition of Neelachal Ispat Nigam will be closed in Q1FY23 and the company will scale it up rapidly to drive expansion of high-value retail business. 'Operations at the 1.1 million tonne integrated NINL plant at Kalinganagar, where Tata Steel has a steel plant, are suspended at present.

NINL has its own captive power plant to meet the internal power requirement and air separation unit for producing oxygen, nitrogen and argon. Besides, the company also has its own captive iron ore mines which are under development.

Tata Steel, the flagship company of the Tata group, is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 company.