Tata Steel to Complete NINL Acquisition in Current Quarter

Tata Steel is planning to complete its acquisition of Neelachal Ispat Nigam Limited (NINL) by the end of the quarter, CEO and MD T V Narendran announced on Tuesday. On January 31, Tata Steel announced the awarding of a bid to acquire a 93.71% stake in Odisha's steelmaker NINL for Rs 12,100 crore.

"The acquisition of Neelachal Ispat Nigam Limited will be completed by the first quarter of 2023 and will expand rapidly to accelerate the expansion of our high-quality retail business," Narendran said in a conference call with reporters on Tuesday. 

The 1.1 million tonnes of NINL integrated facility in Kalinganagar, where Tata Steel operates a steel mill, is currently shut down. NINL has its own power plant to meet its internal power needs and an air separation plant to produce oxygen, nitrogen, and argon. Besides, the company also has its own captive iron ore mines which are currently under development.