Home >Companies >News >Government invites bids for Neelachal Ispat Nigam Ltd strategic sale

NEW DELHI : The government on Monday invited preliminary bids for strategic sale of Neelachal Ispat Nigam Ltd (NINL). The Cabinet in January last year had given 'in principle' approval for strategic disinvestment of equity 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 to a strategic buyer, identified through a two-stage auction procedure.

“EoI invited for strategic disinvestment/privatization of Nilachal Ispat Nigam, a Joint Venture of MMTC, NMDC, BHEL, MECON and 2 Odisha Government PSUs, OMC and IPICOL today," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted.

The last date for submission of Expression of Interest (EoI) by interested bidders is March 29. SBI Capital Markets is the transaction advisor of the sale. The strategic sale of NINL would spill over to next fiscal beginning April. The process of privatisation of Air India, BPCL, Pawan Hans, BEML, Shipping Corp and Ferro Scrap Nigam Ltd (FSNL) is ongoing.

The government is also looking to sell its entire 26.12 per cent stake in Tata Communications Ltd (TCL), erstwhile VSNL, through offer for sale and strategic sale route in the current fiscal. So far this fiscal, the government has netted 17,957 crore through minority stake sale in CPSEs and share buybacks.

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