JSW Steel Submits Expression of Interest to Acquire NINL

SEATTLE (Scrap Monster): JSW Steel- India’s second largest private sector steel company announced that it has submitted an Expression of Interest (EOI) for Neelachal Ispat Nigam Ltd (NINL)- a company promoted by MMTC Ltd, Industrial Promotion and Investment Corporation of Orissa Limited (IPICOL) and other government agencies.

The Union Government had invited EOI for disinvestment of 93.71% stake in NINL, which it intends to identify through a two-stage auction process. It must be noted that the final date of EOI submission is 29th March, 2021. Apart from JSW Steel, other major steel players including Tata Steel, AM/NS India and ESL Steel are also expected to participate in the disinvestment programme.

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The completion of acquisition of Bhushan Power & Steel Limited (BPSL) has boosted JSW Steel’s steelmaking capacity. The company has been on the lookout for downstream and smaller steel companies. As per reports, JSW Steel plans to set up a 13.2 million tonnes greenfield plant in Odisha, to better serve the North Indian markets.

Currently, the company is focused on the five million tonne expansion at Dolvi on the west coast of Maharashtra, which in turn would take the company’s total steelmaking capacity to 26.5 million tonnes.