Centre invites bids to sell NINL

MUMBAI: The government on Monday invited preliminar y bids for strategic sale of Neelachal Ispat Nigam Ltd (NINL).

The Cabinet in Januar y last year had given 'in principle' approval for strategic disinvestment of equity shareholding of MMTC (49.78 per cent), NMDC (10.10 per cent), MECON (0.68 per cent), BHEL (0.68 per cent), IPICOL (12.00 per cent) and OMC (20.47 per cent) in NINL to a strategic buyer, identified through a two-stage auction procedure.

"EoI invited for strategic disinvestment/privatization of Nilachal Ispat Nigam, a Joint Venture of MMTC, NMDC, BHEL, MECON and 2 Odisha Government PSUs, OMC and IPICOL today," Department of Investment and Public Asset Management (DIPAM) Secretar y Tuhin Kanta Pandey tweeted.

The last date for submission of Expression of Interest (EoI) by interested bidders is March 29.

SBI Capital Markets is the transaction advisor of the sale.