Bhubaneswar: Jindal Steel and Power Ltd (JSPL) will bid for Odisha-based steelmaker Neelachal Ispat Nigam Ltd (NINL), its Managing Director VR Sharma has said.
The bidding will likely take place on December 23.
After acquisition, JSPL plans to expand its capacity and product mix, Sharma told PTI recently. “We will turn around (the company) and also make investments in it,” he said.
There are plans to set up a wire rod mill, a rebar mill, coke oven plant and a container manufacturing unit, he added.
The NINL plant in Jajpur is located about 150 km from JSPL’s integrated steel unit in Angul.
NINL is a joint venture of PSUs MMTC, NMDC, BHEL and MECON and two Odisha government companies IPICOL and OMC. In January 2020, the Centre gave in principle approval for its sale. Operations at the plant are now suspended.
