Jindal Steel & Power keen on RINL, NMDC's Nagarnar iron and steel plant
Having lost out in the race for Neelachal Ispat Nigam Ltd (NINL) – an asset owned by central and state public sector undertakings (PSUs) – Naveen Jindal-owned Jindal Steel & Power (JSPL) has eyes set on state-run Rashtriya Ispat Nigam Ltd and NMDC Iron and Steel Plant (Nagarnar).
End-January, Tata Steel pipped a consortium of JSPL and Nalwa Steel and Power and also, Sajjan Jindal’s JSW Steel for the 1.1 million tonne NINL in a Rs 12,100-crore bid. But JSPL is now looking at other growth options. In the acquisition space, it is keen on bidding for RINL and NISP, Nagarnar.
“We are interested in both the assets,” said JSPL Managing Director V R Sharma, adding that they were not yet on the table.
Strategic sale of RINL and NISP is expected. On January 27, 2021, the Cabinet Committee of Economic Affairs (CCEA) had given an in-principle approval for 100 per cent strategic disinvestment of government holdings in RINL. Prior to that, the Cabinet had approved the demerger of NMDC’s steel plant and strategic sale of the demerged steel company.
