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NINL SOS For State

Neelachal Ispat Nigam Limited (NINL) has sent SOS Message to Odisha Government as situation is going from bad to worse with lack of finance and shortage of raw material to run the Steel Complex.

NINL, a Joint Venture Company of the State and Union Government is facing serious crisis and in absence of Detailed Action Plan by the authorities situation is deteriorating, pointed out the Managing Director of NINL.

The Management of NINL has drawn the attention of the State Government in this regard.

While during the meeting held on 14 October 2019 performance of NINL and way forward was discussed with all the promoters and major shareholders, it was decided that Detailed Action Plan for NINL shall be finalized by both Union and State Government.

Due to sluggish market conditions, coupled with shortage of key inputs likeshortage of working capital, Blast Furnace was shutdown and only Coke Oven operations are being continued at minimal level which is a technical necessity.

This has resulted in deterioration of NINL financial in recent months and some of the area of concern which require immediate attention.

Coupled with MMTC internal financial stress and large over dues of statutory, bank payments and dues have already crossed over Rs. 450 crores.

Apart from major creditors, a number of small creditors which are pending for more than 12-15 months.

The NCLT cases by these small creditors have increased substantially and it is likely to lead to NCLT courts if not addressed immediately.

NINL is facing poor cash flow to support the supplier dues and it is posing serious problem.

As most of the major departments like Blast Furnace and SMS are non-operational there is huge resentment among the labourers, which are large in number..

Unless situation is taken care of there is apprehension of disruption of the peaceful industrial climate of the plant in the coming months and it needs to be addressed immediately.

Under this backdrop, Management of NINL has requested the State Government an one of the Major Share Holders to come to rescue of the Steel Maker.
 


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