New Delhi: The authorities has obtained financial bids for privatisation of Neelachal Ispat Nigam Ltd (NINL), DIPAM Secretary Tuhin Kanta Pandey mentioned on Thursday. “Financial bids received for strategic disinvestment of Neelachal Ispat Nigam Limited. Process now moves to concluding stage,” Pandey mentioned.
The Department of Investment and Public Asset Management (DIPAM) had in January this yr invited preliminary bids for strategic sale of NINL. The final date for bid submission was March 29. Following that, a number of expressions of curiosity from bidders have been obtained.
Steel majors Tata Steel, JSW Steel, JSPL and infrastructure firm MEIL have submitted bids for state-owned NINL, in accordance with sources.
They mentioned DIPAM will consider the provides and is predicted to announce the outcomes by January-end.
“Companies like Tata Steel, JSW Steel, JSPL and MEIL today participated in the bidding process of NINL. They have submitted their bids to DIPAM with their offer price,” a supply mentioned.
December 23 was the date to bid for NINL.
While JSW Steel and JSPL declined to touch upon participation within the bidding, a question despatched to Tata Steel and Hyderabad-based Megha Engineering and Infrastructures Ltd (MEIL) remained unanswered.
NINL is a three way partnership of MMTC, NMDC, BHEL, MECON and a pair of Odisha Government PSUs OMC and IPICOL.
In January final yr, the Cabinet had authorised strategic disinvestment of fairness shareholding of MMTC (49.78 per cent), NMDC (10.10 per cent), MECON (0.68 per cent), BHEL (0.68 per cent), IPICOL (12.00 per cent) and OMC (20.47 per cent) in NINL.
For 2021-22, the federal government has set a disinvestment goal of Rs 1.75 lakh crore. Also Read: Brokerage agency bullish on THIS Rakesh Jhunjhunwala portfolio inventory; predicts 20% return
So far this fiscal yr, the federal government has netted Rs 9,330 crore by means of minority stake sale in CPSEs. Also Read:Â RBI extends card tokenisation deadline by 6 months until June-end
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