Tata Steel Long Products acquires further stake in Neelachal Ispat Nigam
25th Nov 2022

Tata Steel Long Products has further acquired 4,68,75,000 equityshares of Rs 10 each at a premium of Rs 54 per share, of Neelachal Ispat Nigam (NINL), a subsidiary of the Company, on November 24, 2022, for an amount aggregating to Rs 300 crore being Tranche 2 of the investment in the equity shares of NINL.

The proposed funding will be utilized towards the initial working capital and capex requirement of the NINL including start-up of iron and steel plant at Kalinganagar, repayment/prepayment of liabilities and for other general corporate purposes.

Tata Steel Long Products is one of India’s largest merchant sponge iron manufacturers. The company is engaged in the production of sponge iron by direct reduction method of iron ore and power generation from waste heat.