Tata Steel: factory closed for 2 years, Tata started operations within 3 months of purchase – tata steel begins operations at ninl factory in odisha know details ssr
Tata Steel: Nilachal Ispat Nigam Limited (NINL) has come out of the government umbrella and is now in the hands of Tata Group (Tata). This steel company resumed production after being acquired by Tata. The company was sold by the government to the Tata group because it was operating at a loss. This Neelachal Company plant had been closed for two years. But after the takeover of the Tata Group, the company changed hands and became operational again. The chairman of Tata Steel Long Products Limited (Tata Steel) and NINL (NINL) said that we wanted to launch very quickly and it was launched quickly.
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Reach the goal in 90 days
Tata Steel CEO PB Narendranath said his plan was to gradually ramp up production to nameplate capacity. Now the company is focusing on it. In August, he said the Neelachal Ispat Nigam Limited plant would be commissioned within the next three months. Steel Long Products informed that the company was acquired on July 4, 2022. Then, after exactly three months, the blast furnace at NINL (Blast Furnace) was reactivated.
How much money did Tata spend?
After acquiring Odisha-based Neelachal Ispat Nigam Limited, Tata Steel spent around Rs 12,100 crore to recycle it. After the transfer of 93.1% of the shares of all affiliated joint venture partners from July 4 this year, NINL is owned by Tata. It is the second public company, after Air India, to be owned by Tata.
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The company was heavily in debt
Neelachal Ispat Nigam Limited owned an integrated steel mill with a capacity of 1.1 MT in Kalinganagar. It was operating at a huge loss for the company. On March 31, 2021, a debt of Rs 6600 crore sits on it. The government then took it over and a report says Tata produces 20 million tonnes of steel a year and is one of the top three steel companies in the country. According to reports, TSLP, a unit of Tata Steel, acquired NINL at an auction in January this year, beating the company ahead of Jindal Steel & Power, Nalowa Steel & Power Ltd.
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