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Neelachal Ispat Nigam is now part of Tata Steel Long Products
~Senior leadership of TSLP interact with the employees~
Kalinganagar, July 5, 2022: Tata Steel Long Products (TSLP), a subsidiary of Tata Steel, formally took over Neelachal Ispat Nigam Limited (NINL) on July 4, 2022 as per the process facilitated by the Department of investment & Public Asset Management, Government of India.
An interactive session was organised at NINL’s Duburi plant in Odisha’s Jajpur District on Tuesday, where TSLP’s senior leadership interacted with the employees of NINL. Ashish Anupam, Managing Director, TSLP along with Sudhir Kumar Mehta, Managing Director & CEO, NINL and other senior officials of the Company addressed the employees.
Among others present on the occasion were Chanakya Chaudhary, Vice President, Corporate Services, Tata Steel, Rajiv Kumar, Vice President, Operations – Tata Steel Kalinganagar, Atrayee Sanyal, Vice President, Human Resource Management, Tata Steel, Sanjib Nanda, Vice President, Financial Operations and Corporate Reporting, Uttam Singh, Vice President, Iron Making, Tata Steel and other senior executives of Tata Steel, TSLP and other group companies.
TSLP has acquired 93.71% stake in the 1 million tonne per annum Neelachal Ispat Nigam Limited in accordance with the process facilitated by the Department of Disinvestment & Public Asset Management, Government of India. The total consideration of Rs.12,100 crore reflects the enterprise value (including all recorded liabilities) as part of the acquisition of 93.71% equity stake in NINL.