Privatization News: Despite opposition to privatization, the government recently transferred control of another significant business to the private sector. Ratan Tata, a great businessman, has been granted this time the reins of this large corporation. Actually, this company was running at a loss and this plant is closed on 30 March 2020 . for 2 years. But now, things are starting to go better for this business. And this business is prepared to open after around two years. Tell us at what stage the planning is.
Government company’s open luck!
As soon as Nilachal Ispat Nigam Limited (NINL), a state-owned company that closed for two years, went into the hands of Ratan Tata, its fortunes began to change. Tata Steel CEO and Managing Director TV Narendran said that the target is to start the Nilachal Steel Plant soon. In other words, the business will now open soon. It is being told that this company will open soon.
Work will start after two years
Managing director TV Narendran stated, “We are ready to work with the current workforce and revitalize the factory, which has been closed for almost two years.” In the next three months, manufacturing is expected to start, and it will take another twelve months to reach installed capacity. In addition, Tata Steel will work to boost NINL’s capacity to 5 million tonnes and secure the required permits.
Tata won the bid
It is noteworthy that Odisha-based Neelachal Ispat Nigam Limited (NINL) has been handed over to a Tata group firm. An official claims that Tata Steel Long Products (TSLP), a branch of Tata Steel, won the bid to purchase 93.71 percent of NINL for Rs. 12,100 crores in January of this year. The company dissolved the alliance that includes JSW Steel Limited, Jindal Steel & Power Limited, and Nalwa Steel & Power Limited after accomplishing this goal.
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Huge debt on the company
Let us inform you that Neelachal Ispat Nigam Limited has an integrated steel plant of 1.1 MT capacity at Kalinganagar, Odisha. Since the factory was shut down on March 30, 2020, this government-owned company has suffered tremendous losses. The company has debts and liabilities of over Rs 6,600 crore as on March 31, 2021, of which Rs 4,116 crore to promoters is Rs 1,741 crore. Banks, other creditors, and employees all owe enormous debts.
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