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Pradhan Turns NINL Savior

Finally Union Minister Steel, Petroleum and Natural Gas, Dharmendra Pradhan has taken up the issue of ailing Public Sector Steel Maker Neelachal Ispat Nigam Limited (NINL), which is in dire straits.

Mr.Pradhan has taken up the issue with Union Minister Commerce and Industries and Railways Piyush Goyal, who will chair a High Power Meet on 10 August to sort out the issues, which are crippling NINL.

While Union Ministry of Steel is planning in a big way for the Eastern Region with Purvodaya Plan for Steel, NINL holds huge scope in Kalinga Nagar, which will turn as Steel Hub soon.

Though Union Government has decided to disinvest NINL “As Is where Is Basis”, however roping in Steel Authority of India Limited (SAIL) , Rashtriya Ispat Nigam Limited (RINL) and National Mineral Development Corporation (NMDC) has been favored by employees and officers of the NINL.

NINL employees and officers have been drawing attention of the Union Government time and again in this regard and have requested Union Minister Mr.Pradhan to explore the possibilities so that RINL, SAIL and NMDC will be asked to take over MMTC’s share in NINL.

MMTC, the major shareholder of NINL is facing financial crisis and is unable to pump in more funds to NINL, which requires resources to run the plant.

As MMTC is no more able to fund NINL so its shares may be transferred to any Central Public Sector Undertakings, so that the Public Sector Steel Maker will be within the folds of CPSU, officials say.

While disinvestment process will take more time, unless the plant is allowed to run, its share will lose its sheen and share holders will get much less than expected.

So running the NINL Plant is the priority and in order to discuss issues, Union Minister Commerce and Industries have convened the meeting, where Union Minister Steel Mr.Pradhan will be taking a decisive role, officials believe.

Odisha Government, which has come to the rescue of NINL in a big way has been continuing funding the Steel Maker to facilitate its debt servicing.

Chief Secretary Asit Tripathy has been taking up the issue with Government of India in this regard and OMC, State Owned PSU is extending its fiscal support to NINL.

However, as situation turning from bad to worse, Union Government will have to take a final decision in this regard, so that NINL, which has a potential to run a 10 Million Ton Per Annum (MTPA) Steel Making will be able to achieve the target.

So 10 August Meet is crucial for the future of NINL with Brass of Ministry of Commerce, Ministry of Steel, Ministry of Finance, Odisha Government and others are likely to attend, officials say.

As Union Minister Steel Mr.Pradhan has taken up the issue of NINL, employees and officers of the Public Sector Steel Maker are hopeful about its future.
 
 
 


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