Tuesday, June 28, 2022
BusinessTata 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.)

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