India seeks a strategic investor to bring in new technology and capital to Neelachal Ispat (NINL), which is owned by six state-owned companies. The Indian government has given an in principle approval for the sale of NINL in a cabinet meeting headed by Prime Minister Narendra Modi. 

 

A buyer will be identified through a two-stage auction procedure and the sale is likely to close in the beginning of the next fiscal year. 

The six PSUs that hold a stake in NINL are Metals and Minerals Trading Corporation of India, with a majority stake of 49.78pc, National Mineral Development Corporation (10pc), Odisha Mining Corporation (20pc), Odisha Investment Corporation (12pc) Bharat Heavy Electrical and MECON.

Leave a Reply

Your email address will not be published.