After Air India, now Tata Group will buy this loss-making government company.
DNA Hindi: Recently, the country’s prestigious industrial group i.e. Tata Group had acquired the state-run airline Air India, due to which Tata has also shown satisfaction and the government has also received a huge amount. At the same time, after Air India, Tata Group is going to buy another government company Nilachal Ispat Nigam Limited (NINL).
The company will buy Tata Steel
In fact, an information has come to the fore, according to which this NINL will be acquired by Tata Steel, a Tata Group company. Tata Steel CEO (CEO) and Managing Director (MD) TV Narendran said that the company will complete the acquisition of Neelachal Ispat Nigam Limited (NINL) by the end of June.
This acquisition of NINL is very important for Tata Steel with a view to create a large product complex. Narendran said, “The acquisition of NINL will be completed in the first quarter of the current financial year and we will accelerate this to fuel the expansion of our high value retail business.” Significantly, on January 31, Tata Steel had announced winning bid to buy 93.71 per cent stake in Odisha-based steel maker NINL for Rs 12,100 crore.
Company is running in huge loss
Let us tell you that Neelachal Ispat Nigam Limited, which Tata Group is planning to buy Kalinganagar, is an integrated steel plant in Odisha with a capacity of 1.1 MT. This government company is also running in huge losses and the plant is closed since March 30, 2020. The company has debts and liabilities of more than Rs 6,600 crore as on March 31, 2021, including Rs 4,116 crore to promoters, Rs 1,741 crore to banks, other creditors and huge dues of employees.
Although the good news is that even if Tata Group buys this company, all the employees of NINL will remain in the company as before. An agreement has also been made for this. Under this agreement, the company cannot lay off employees for one year. It is worth noting that earlier Air India had acquired Air India by bidding 18000 crores.
