Tata Steel to increase NINL operation to 1.1 million tonne in a year

01 Jul 2022 CW Team

On Tuesday Tata Steel Chairman N Chandrasekaran said that after completing acquisition the company will boost the operation of Neelachal Ispat Nigam Limited (NINL) to a capacity of 1.1 million tonne per annum in the next year. However, it would be subject to obtaining statutory clearances.

While addressing the shareholders in their 115th Annual General Meeting, N Chandrasekaran said that post-acquisition they will endeavour to increase the operations of NINL to a capacity of 1.1 million tonne per annum in the next one year, which is subject to obtaining statutory clearances.

In January Tata Steel Long Products (TSLP), a subsidiary of Tata Steel won the bid to acquire a 93.71% stake in the NINL for Rs 12,100 crore.

Tata Steel will execute the acquisition of NINL by the end of the first quarter of the financial year 2023.

Chandrasekaran said that the company has made significant acquisitions in the year in sectors of long products, mining, and advanced materials. He added that the most notable is the buyout of Neelachal Ispat Nigam Limited for an aggregate consideration of Rs 12,100 crore.

He said that the acquisition is important in view of the proximity of the NINL plant to the Tata Kalinganagar plant, having the potential to become the hub for long products business in the upcoming future.

Also read: TSML gets remaining 10% stake in Rohit Ferro-Tech

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