Tata Steel Long Products Limited (TSPL) announced the acquisition of 93.71% equity shares in Neelachal Ispat Nigam Limited (NINL), effective March 10, 2022.
According to the company’s exchange filing, “This is to inform you that, Tata Steel Long Products Limited (‘TSLP’) and Tata Steel Limited (‘TSL’) have today, i.e. March 10, 2022, executed a Share Sale and Purchase Agreement with MMTC Ltd, NMDC Ltd, MECON Ltd, Bharat Heavy Electricals Ltd, Industrial Promotion and Investment Corporation of Odisha Ltd, Odisha Mining Corporation Ltd., President of India, Government of Odisha, Neelachal Ispat Nigam Limited (‘NINL’) for acquisition of 93.71% equity shares in NINL.”
The acquisition provides an inorganic growth opportunity for TSLP to grow in the long products business and leverage the captive iron ore mines of NINL, the statement said.
NINL was incorporated on March 27, 1982 to set-up an integrated steel plant to undertake manufacturing and sale of steel products. The major shareholders of NINL include MMTC, IPICOL, NMDC Ltd, The Orissa Mining Company Ltd (OMC), etc.
Tata Steel Long Products (TSLP) is in the business of manufacturing high alloy steel, primarily for the auto sector and wire rope industry.
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