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Tata Steel Long Products Wins Bid for Neelachal Ispat Nigam

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

Cast in Steel Cast in Steel

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.

Published on: Feb 25, 2022, 6:06 PM IST
Posted by: Vivek Dubey, Feb 25, 2022, 5:24 PM IST