Tata Steel’s arm Tata Steel Long Products (TSLP) has accepted a letter of award (LoA) for the acquisition of a 93.71 per cent stake in Neelachal Ispat Nigam (NINL).
The process for the buyout is likely to be completed in the next couple of months. On 2 February 2022, the Department of Investment and Public Asset Management (DIPAM) issued the LoA to TSLP for the acquisition of the 93.71 per cent equity stake of NINL.
Tatas intend to add long products capacity of 4.5 mln tpa over the next few years and take the total plant capacity to 10 mln tpa by 2030.
The acquisition is being financed through a combination of internal accruals and bridge loans.