11
Feb
07:48
Tata accepts NINL acquisition letter of award
Tata Steel Long Products (TSLP) has accepted the letter of award (LOA) for the acquisition of state-run Neelachal Ispat Nigam (NINL).
Last month the Indian government approved the sale of a 93.71% stake in NINL at INR 12,100 crore ($1.62 billion) to TSLP (see Kallanish passim).
The acquisition of NINL is likely to be completed in the next couple of months, TSLP says.
The firm aims to ramp up the existing capacity of NINL from 1 million tonnes/year to 4.5m t/y in…
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