CorporateTata Steel to Acquisition another govt company NINL

Tata Steel to Acquisition another govt company NINL

Following Air India, it has been reported that the Tata Group, which has been running at a loss, is now preparing to buy Neelachal Ispat Nigam Limited (NINL), a state-owned company, at a loss.

Following Air India, it has been reported that the Tata Group, which has been running at a loss, is now preparing to buy NINL, a state-owned company, at a loss.

Recently, the Tata Group, the country’s most popular leading industrial conglomerate, acquired state-run Air India. Due to this the government has also received huge sums.

At the same time, it has been reported that after Air India, the Tata Group is also looking to acquire another state-owned company, Neelachal Ispat Nigam Limited (NINL).

Tata Steel

In fact, there has been a rumor that Tata Steel, a Tata group company, will acquire NINL. Tata Steel Chief Executive Officer (CEO) and Managing Director (MD) TV Narendran said Neelachal Ispat Nigam Limited (NINL) will be acquired by the end of June.

This acquisition of NINL is crucial for Tata Steel with a view to building a larger manufacturing complex.

Narendra said, “The acquisition of NINL will be completed in the first quarter of the current financial year and we will expedite this in order to expand our high value retail business.”

Significantly, on January 31, Tata Steel announced its bid to buy a 93.71 per cent stake in Odisha-based steelmaker NINL for Rs 12,100 crore.

NINL company running at a huge loss

Neelachal Ispat Nigam Limited (NINL), which is planned to be acquired by Tata Group, is an integrated steel plant with a capacity of 1.1 MT located at Kalinganagar, Odisha. This government company is also operating at a huge loss.

Also the plant has been closed since the start of Corona, i.e. March 30, 2020. As on March 31, 2021, the company had a net profit of Rs. It has debts of over Rs 6,600 crore.

Of this, Rs. 4,116 crore, Rs 1,741 crore to banks and other creditors and huge employee arrears.

The good news is that even though Tata Group has acquired the company, all the employees who work at NINL will remain in the company as before. A contract has been signed for this.

Under this agreement, the company cannot lay off employees for one year. Earlier, Air India bought Air India for Rs 18,000 crore.

(Disclaimer: The information provided here is based on home remedies and general information. Be sure to seek medical advice before accepting it. IMAPHSY Media is not responsible for this.)

To Get Latest Breaking News Headlines Keep Follow us on social media to get instant news and share your thoughts.

Like @imaphsy on Facebook, @imaphsy on Twitter and on Telegram.

Subscribe to Get News on Your Email Inbox

To be updated with all the latest breaking news on your email

Covid India Active Cases

Total active cases
Updated on May 26, 2022 1:32 pm

Trending Stories

Tesla’s car caught fire, driver came out after breaking window to save life

A very shocking case came to light in Canada, where a sudden fire broke out in Tesla's car. At the same time, the driver...

Sindhudurg Tarkarli boat accident Dr. Swapnil Pise Popular Orthopaedic Died

Hemant Chapude, Junnar: An unfortunate incident took place when a tourist boat sank in Tarkarli, Malvan. (Boat Accident) Two tourists drowned and both are...

PM Modi likely to watch IPL Finale match at Ahmedabad Security arranged outside the...

Gandhinagar: Both Prime Minister Narendra Modi and Home Minister Amit Shah will be visiting Gujarat. PM Modi is likely to attend the IPL final...

$800 billion fall in crypto market, Ethereum founder said – ‘Investors need to pay...

Gavin Wood, co-founder of Ethereum, the world's second largest cryptocurrency after bitcoin, has advised crypto investors to be more aware of the basis of...

Ladakh India deployed at par with China, seven bridges being built on Galwan river

India has also retaliated in response to China's construction of two bridges on Pangong Lake in Ladakh .The Indian Army has deployed equal to...

Recently Popular

Rajasthan Royals Won IPL 2022 Against Sunrisers Hyderabad by 61 runs Highlights

Rajasthan Royals and Sunrisers Hyderabad clashed in today's IPL match. The match, which was held...

4.3 magnitude earthquake shakes Leh, Jammu and Kashmir

New Delhi: An earthquake shook the Leh region of Jammu and Kashmir today. The earthquake was...

How many hours do you sleep? Know how many hours of sleep is necessary according to age

Getting a good night's sleep is very important for a healthy body and mind. Not...

Why did Boycott ‘Jersey’ trend on Twitter? People are angry with this action of Shahid

Shahid Kapoor's film 'Jersey' was released in the theaters on April 22. While it is...

Hero Electric Splendor Bike offered by 240 km Range

Hero Splendor is the most popular motorcycle model in the Indian market. Its appearance is...

US embassy reopens in Kyiv, Ukraine After 3 Months of War

When the Russian invasion of Ukraine began last February, the US embassy in its capital,...