Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Leading Indian steelmakers JSW, Tata Steel and ArcelorMittal are shortlisted by the government of India as potential buyers for the state-owned steel unit Neelachal Ispat. Hyderabad-based infrastructure company Megha Engineering and Infrastructure is also in the fray for the assets of Neelachal lspat Nigam (NINL).


The shortlisted companies are now participating in the request for proposal (RFP) process. Major Indian steelmakers had filed expressions of interest (EoIs) for NINL. Vedanta group had also expressed interest in NINL. According to local media, a draft of the share transfer agreement and site visits have been scheduled. Bidders have also been given access to due diligence data. 


NINL is an integrated steel plant with an annual 1.1mn mt pig iron production capacity located in Kalinganagar Industrial Complex, Odisha. The company owns captive iron ore mines in Sundergarh and Keonjhar, Odisha.


The state-run firm has a 1.1 million tonne per annum pig iron production capacity, with its captive iron ore mine having mineable reserves of around 90.91 million tonnes.

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