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Centre Seeks NINL Nod

With the policy decision taken by Government of India for a strategic disinvestment of Nilachal Ispat Nigam Limited (NINL), Centre has asked the Odisha Government for its concurrence of the proposal, so that Union Government will go ahead with the move.


Union Secretary for Disinvestment and Public Asset Management (DIPAM), Atanu Chakraborty has requested the State Government to take a decision in this regard immediately.

NINL is running One Million Ton capacity Integrated Steel Complex in Kalinga Nagar, which has potential of 10 Million Ton Per Annum, said Mr.Chakraborty.

NINL will be requiring substantial capital infusion for tapping its full capacity and as MMTC, its major promoter is not in a pink health, it will not be possible for the CPSU to pump in more funds for achieving its full potential.

MMTC has so far advanced loan of Rs.2800 Crore to NINL and above Paid Up Capital of Rs.459 Crore and has given Corporate Guarantee for Rs.1346 Crore.

A High Powered Committee of Department of Commerce and Industry has recommended for strategic disinvestment of MMTC Equity in NINL to tap its full potential.

Mr.Chakraborty has informed the State Government that as Union Government has embarked upon a Policy of Strategic Disinvestment of certain Central Public Sector Enterprises(CPSE)s, NINL is one of those, which shares will be disinvested through a strategic initiative.

Disinvestment proposal of NINL has been approved by Core Group of Secretaries on Disinvestment, chaired by Cabinet Secretary.

This Group is mandated to oversee and decide the strategic disinvestment of the CPSEs. NITI Aayog has also supported the move for disinvestment of NINL as tapping its full potential is need of the hour.

In the meantime, Additional Secretary Disinvestment and Public Asset Management (DIPAM) has held discussion with the senior officials of the Government of Odisha in this regard recently.

Union Secretary said that “Strategic Disinvestment of NINL is in the best public interest”.

This move will reduce financial losses of all Joint Venture Partners of Central and State Government run Public Sector Undertakings.

NINL is a Joint Venture Company with the shares of MMTC, NMDC, MECON, BHEL, the PSUs of Union Government and IPICOL and OMC of the State Government is there.

Once the State Government concurs such an initiative, then all the stakes of these PSUs, both Centre and State Governments will be divested a common transaction for strategic sale through the extant approved procedure in place.

This will facilitate infusion of capital by strategic buyer, which will generate further employment opportunities and contribute to the overall growth in the State of Odisha, said the Union Secretary.

Union Government has put in place a transparent Three Tier  Decision Making Mechanism with Cabinet Committee On Economic Affairs (CCEA) at Apex Level.

Now the ball is in the Court of the State Government to take a call on the matter as NINL is the Dream Child of Legendary Leader Biju Patnaik and he was instrumental in setting up this Integrated Steel Plant, which is touted as Second Steel Plant of Odisha. 
 
   


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