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.)

Covid India Active Cases

India
98,469
Total active cases
Updated on June 28, 2022 1:53 pm

DMCA.com Protection Status

Related Stories

Trending Stories

DMK MP Tiruchi Siva son BJP leader Suriyaa Sivaa arrested

DMK's state level MP Trichy Siva is also the Secretary for Policy Outreach. He is also the party's main leader in the Central Region. In...

Who hasn’t accepted your friend request on Facebook? In this section you can see

Connecting with others on the popular social media platform Facebook requires sending them friend requests, but you can hardly remember how many people you've...

Afghanistan Earthquake 1150 people Killed In Damages of CCTV Video Footage Leaked Online?

Kabul: The epicenter was reported 44 km south of the southeastern Afghan city of Khost. The quake measured 6.1 on the Richter scale. The...

Male Fertility: The most important cause of male infertility weakness

Male Fertility: India is one of the countries where women are most affected by male infertility. You can visually see this increasing in India...

Zomato’s board approved the deal to buy Blinkit for Rs 4,447 crore, know who...

The board of online food delivery company Zomato on Friday, June 24 approved the acquisition of quick commerce company Blinkit for Rs 4,447 crore....

Recently Popular

CBI files case against three for match-fixing in IPL

New Delhi: Authorities say the CBI has registered a case against three suspected spies, one from...

WHO Calls Emergency Meeting for Monkeypox Virus outbreak

The World Health Organization (WHO) is to hold an emergency meeting in the wake of...

Kerala SSLC, DHSE Plus Two Result Date 2022 Check Details

Kerala Education Minister V Sivankutty officially shared the results of Kerala SSLC Exams 2022 and...

What is Facebook Messenger Chat Screenshot Notification Feature?

This amazing feature came in Facebook Messenger, you will get alert as soon as you...

10 bodies recovered in J&K Ramban Tunnel Collapse

The death toll in an under-construction tunnel in Jammu and Kashmir's Ramban district rose to...

Under Arms Bad Smell: Here are some simple ways to get rid of armpit sweat odor

In India, scorching sun and scorching heat have affected everyone the most. During this season,...

Recommended Stories

Trending Now