Privatization News: In the era of privatization, now the responsibility of another big company has been handed over to private hands. The command of this big government has gone into the hands of veteran business man Ratan Tata. The fortunes of this company have started changing as soon as it goes into the hands of Ratan Tata, and it is ready to open after 2 years. This plant is closed since 30 March 2020. Let’s know the latest updates.
Privatization News: Despite the protests against privatization, the government has handed over another big company to private hands. This time the command of this big company has been given in the hands of legendary business man Ratan Tata. Actually this company was running in loss and this plant is closed on March 30, 2020 i.e. for 2 years. But now the fortunes of this company have started changing. And after almost two years this company is ready to open. Let us know how far its preparations have reached.
Government company’s open luck!
As soon as the government company Nilachal Ispat Nigam Limited (NINL), which was closed for two years, went into the hands of Ratan Tata, its fortunes started changing. Tata Steel CEO and Managing Director TV Narendran said that the target is to start the Nilachal Steel plant in the next three months. That is, the company will now open soon.
Work will start after two years
Tata won the bid
It is noteworthy that Odisha-based Neelachal Ispat Nigam Limited (NINL) has been handed over to a firm of Tata Group. Tata Steel Long Products (TSLP), a unit of Tata Steel, had in January this year won the bid to acquire 93.71 per cent stake in NINL at an enterprise value of Rs 12,100 crore, an official said. The company achieved this success leaving behind a consortium of Jindal Steel & Power Limited, Nalwa Steel & Power Limited and JSW Steel Limited.
debt laden company
Let us inform that Neelachal Ispat Nigam Limited has an Integrated Steel Plant at Kalinganagar, Odisha with a capacity of 1.1 MT. This government company is also running in huge losses and this plant is closed since March 30, 2020. The company has debts and liabilities of more than Rs 6,600 crore as on March 31, 2021, including Rs 4,116 crore to promoters, Rs 1,741 crore to banks, other creditors and huge dues of employees.