Nod to sale of Neelachal Ispat Nigam
New Delhi, January 8
The government today in-principle approved strategic sale of Neelachal Ispat Nigam Ltd (NINL) by allowing six PSU shareholders to sell their stake in the steel company.
A decision in this regard was taken in the meeting of the Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi, Information and Broadcasting Minister Prakash Javadekar said.
The strategic buyer for NINL will be identified through a two-stage auction procedure, said an official statement. — PTI
Auction process to decide buyer
NINL is a joint venture company, in which four central PSUs — MMTC, NMDC, BHEL and MECON and two Odisha government companies IPICOL and Odisha Mining Corporation are shareholders
MMTC holds 49.78% share in NINL, followed by OMC (20.47%), IPICOL (12%), NMDC (10.10%), while MECON and BHEL hold 0.68% each
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