Tata Steel Long Products Wins Bid for Neelachal Ispat Nigam
Tata Steel is eyeing building a 4.5-million tonne per annum long products complex in the next few years
- Feb 25, 2022,
- Updated Feb 25, 2022 6:06 PM IST
Tata Steel Subsidiary Tata Steel Long Products emerged as the winning bidder to acquire 93.71 per cent stake in Odisha-based Neelachal Ispat Nigam, which has an installed capacity of 1 million tonnes. A section of analysts has called the Rs 12,100-crore acquisition an “expensive affair”. But the steel maker believes this is a strategic acquisition given Neelachal’s current capacity, 2,500 acres of land and iron ore reserves of around 100 million tonnes. Tata Steel is eyeing building a 4.5-million tonne per annum long products complex in the next few years, and expanding it further to 10 million tonne per annum by around 2030.
Tata Steel Subsidiary Tata Steel Long Products emerged as the winning bidder to acquire 93.71 per cent stake in Odisha-based Neelachal Ispat Nigam, which has an installed capacity of 1 million tonnes. A section of analysts has called the Rs 12,100-crore acquisition an “expensive affair”. But the steel maker believes this is a strategic acquisition given Neelachal’s current capacity, 2,500 acres of land and iron ore reserves of around 100 million tonnes. Tata Steel is eyeing building a 4.5-million tonne per annum long products complex in the next few years, and expanding it further to 10 million tonne per annum by around 2030.