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Ghadai Lauds Naveen

 Prafulla Chandra Ghadai today thanked Chief Minister Naveen Patnaik for taking up the issue of Neelachal Ispat Nigam Limited (NINL) plant at Kalinga Nagar in Jajpur district with the Union Government. 

 
The Chief Minister had recently, in a letter to the Union Government, had sought capital infusion into NINL to keep it operational.
 
Former Minister Finance, Mr.Ghadai said former Chief Minister Biju Patnaik who had acquired NINL facility at Re 1 in 1994 and wanted to make it a three-million tonne plant.
 
However, due to the careless attitude of the Metals and Minerals Trading Corporation (MMTC), a Central Public Sector Undertaking and one of the three promoters, - the plant is passing through a serious situation, said Mr.Ghadai.
 
Mr.Ghadai, while lauding the Chief Minister for urging the Union Commerce and Industry Minister Nirmala Sitharaman to ask MMTC to pay equity of Rs 149 crore as its share of equity as stipulated by bankers  as a part of refinancing of the project loan, - said the delay by the Central PSU was aggravating the financial conditions of the unit.
 
 “While Tata Steel, Visa Steel, Jinal and Mesco are running with profits, what ails NINL plant?” questioned Mr.Ghadai. In a letter to the Union Minister of State for Commerce and Industry Nirmala Sitharaman, Mr.Patnaik said, “I request you to instruct MMTC to provide additional equity support to NINL at the earliest in the interest of the survival of NINL.”
 
Notably, NINL integrated steel plant is jointly promoted by MMTC and two state PSUs Odisha Mining Corporation (OMC) and IPICOL.
 
The Joint Venture needs infusion of an additional equity of Rs 300 crore to overcome the acute financial crisis. The state government has already accorded its approval for infustion of equity of Rs 80 crore since last two years as pro-rata share by OMC. Equity of 49.78 per cent of the NINL is held by MMTC, the State PSUs together hold 27.61 per cent of its equity.

At present NINL
 is run by an effiicient technocrat and with infusion of required funds, the ailing unit will positively have turn around, scenario pointed out an Industry Expert.
 


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