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The Centre has approved <keyword id="3318681" type="General" weightage="20" keywordseo="tata-steel-long-products" source="Orion">Tata Steel Long Products</keyword>' bid to buy steel producer <keyword id="629243" type="General" weightage="20" keywordseo="neelachal-ispat-nigam" source="Orion">Neelachal Ispat Nigam</keyword>, an official statement said on Monday. The Centre's 'Alternative Mechanism' approved the bid for buying 93.71 per cent of shares of JV partners of four CPSEs and two Odisha state government PSEs at the bid enterprise value of Rs 12,100 crore. The Centre does not hold any equity in the company. "However, on the request of the Boards of selling shareholder PSEs and on concurrence by the Govt of Odisha, the CCEA 'in principle' approved strategic disinvestment of NINL on January 8, 2020, and authorised Department of Disinvestment &amp; Public Asset Management (DIPAM) to undertake the transaction," the statement said. At present, NINL has an integrated steel plant with a capacity of 1.1 MT, at Odisha's Kalinganagar. The company has been running in huge losses and the plant has been closed since March 30, 2020. Besides, it has debt and liabilities exceeding Rs 6,600 crore as on March 31, 2021, including overdues of promoters, banks, other creditors and employees. The company has negative networth of Rs 3,487 crore and accumulated losses of Rs 4,228 crore as of March 31, 2021. "<keyword id="6357147" type="General" weightage="20" keywordseo="tata-steel" source="Orion">Tata Steel</keyword> Long Products Ltd (TSLP) emerged as 'H-1' bidder, whose bid has been accepted by the AM. Letter of Intent (LoI) is being issued to TSLP inviting them to sign the SPA. At this stage, 10 per cent of the bid amount shall be paid by the successful bidder into the Escrow account. "This is the first instance of <keyword id="6369532" type="General" weightage="20" keywordseo="privatisation" source="Orion">privatisation</keyword> of a public sector steel manufacturing enterprise in India. The success of the transaction is a win-win situation for all." As per the Finance Ministry, the biggest advantage of this privatisation will be to the local economy of the region as the strategic buyer will be able to revive a closed plant, bring in modern technology, best managerial practices and make infusion of fresh capital, which will help in augmenting the capacity of the plant. "Govt. of Odisha has given active support to the process of privatisation. The privatisation will help in creating new jobs in the region by creation of ancillary industries and supplier's network. "Keeping in view the best interest of the serving employees, it was decided to keep the employees' dues as the top most ranking liability in the 'Waterfall Agreement' to be satisfied first before any other liability." Furthermore, the ministry cited that the transaction is on "going concern" basis and the employees of NINL will continue to be the employees of the company in terms of the 'Share Purchase Agreement' (SPA), which binds the buyer to have a lock-in period of one year. "The strategic buyer will also be bound to follow the terms of VRS applicable to CPSEs whenever such a decision is taken. "Post-sale consideration will go towards settling of the liabilities of the company, in the order provided in 'Waterfall Agreement'." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/list-of-upcoming-new-mobile-phones-in-february-2022/slidelist/89242080.cms">Upcoming mobile phone launches in India in February 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/new-covid-19-testing-kit-requires-a-smartphone-basic-lab-tools-and-its-very-cheap/articleshow/89238429.cms">Researchers develop a new smartphone-based COVID-19 testing kit that is said to match PCR test accuracy</a>

Tata Steel's arm to buy debt-ridden Neelachal Ispat Nigam for ₹12,100 crore from government

The government has merged the Department of <keyword id="108214" type="CITY" weightage="20" keywordseo="Public-Enterprises">Public Enterprises</keyword> (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the <keyword id="44532" type="PERSON" weightage="20" keywordseo="Disinvestment">disinvestment</keyword> ministry - created under the Atal Bihari Vajpayee government - was merged with the Finance Ministry and is now a department under it. Also, <keyword id="62529" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Investment-Promotion-Board">Foreign Investment Promotion Board</keyword> (FIPB) was abolished and administration of foreign investments was given to the Finance Ministry (FinMin). The shift of DPE to the finance ministry will help in efficient monitoring of the capital expenditure, asset monetisation and financial health of the Central Public Sector Enterprises (CPSEs). "<keyword id="156153" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Finance">Ministry of Finance</keyword> (<keyword id="11588398" type="UNKNOWN" weightage="20" keywordseo="vitta-mantralaya">Vitta Mantralaya</keyword>), after the sub-heading (v) Department of <keyword id="6354241" type="UNKNOWN" weightage="20" keywordseo="Financial-services">Financial Services</keyword> (Vittiya Sewayen Vibhag), following sub-heading shall be inserted, namely:- (vi) Department of Public Enterprises (Lok Udyam Vibhag)" as per the Cabinet Secretariat notification dated July 6, 2021. The rejig comes ahead of Cabinet expansion slated later in the day. The gazette notification issued said these rules may be called the government of India (Allocation of Business) Three Hundred and Sixty First Amendment Rules, 2021. "They shall come into force at once," the notification said. Presently, the finance ministry has five departments -- Economic Affairs, Revenue, Expenditure, Investment and Public Asset Management and Financial Services. With the addition, this will be the sixth department under the finance ministry. Giving details of the functions performed by the DPE, the notification said coordination of matters of general policy affecting all Public Sector Enterprises (PSEs), evaluation and monitoring the performance of PSEs, including the memorandum of understanding mechanism, review of capital projects and expenditure in CPSEs. Besides, the DPE frames measures aimed at improving performance of CPSEs and other capacity building initiatives of PSEs, rendering advice relating to revival, restructuring or closure of PSEs including the mechanisms, counselling, training and rehabilitation of employees in CPSEs under Voluntary Retirement Scheme and categorisation of CPSEs including conferring 'Ratna' status, among others. The heavy industries ministry will continue to be the administrative ministry related primarily to the capital goods sector. As many as 44 CPSEs including Maruti Udyog Limited, BHEL, Cement Corporation, <keyword id="173465" type="CITY" weightage="20" keywordseo="Scooters-India">Scooters India</keyword>, HMT and various other subsidiaries would be under the Ministry of Heavy Industries. Many companies under the ministry are sick and up for sale under the disinvestment programme of the government. Finance minister Nirmala Sitharaman in her Budget 2021-22 already announced that a revised mechanism for fast-tracking closure of loss making PSUs would be worked out and an incentive package would be developed to incentivise states to sell stake in state PSUs. To monetise lands owned by CPSEs, a special purpose vehicle (SPV) would be developed. She also announced a big-ticket privatisation agenda, including privatisation of two public sector banks and one general insurance company to garner Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions during 2021-22. As part of the divestment strategy for the financial sector, the government has decided to go for a mega initial public offering (IPO) of Life Insurance Corporation of India (LIC) and residual stake sale in IDBI Bank during the financial year beginning April. Besides, strategic sale of Bharat Petroleum Corporation Ltd (BPCL), <keyword id="11588399" type="UNKNOWN" weightage="20" keywordseo="shipping-corp-container-corporation">Shipping Corp, Container Corporation</keyword>, <keyword id="2459265" type="PERSON" weightage="20" keywordseo="Neelachal-Ispat-Nigam-Ltd">Neelachal Ispat Nigam Ltd</keyword>, <keyword id="132488" type="COMPANY" weightage="20" keywordseo="Pawan-Hans">Pawan Hans</keyword>, Air India among others, would be completed in 2021-22. In September 2020, the government had apprised that out of the 34 PSUs approved for disinvestment so far, transactions were completed for eight. Transactions for four PSUs were halted as they are recommended for closure. Two of them were held up due to litigation, while transactions for 20 PSUs are in the process. SEE ALSO- <a href="https://www.businessinsider.in/stock-market/news/clean-science-and-technology-ipo-maximum-broking-house-recommending-this-ipo/articleshow/84193873.cms" data-type="tilCustomLink">Clean Science and Technology, an Indian supplier to Bayer, has opened its IPO ⁠— and ‘subscribe’ is the unanimous call from analysts</a> <a href="https://www.businessinsider.in/stock-market/news/gr-infraprojects-ipo-good-ipo-bet-for-long-term-as-per-analysts/articleshow/84193656.cms" data-type="tilCustomLink">GR Infraprojects IPO is for long term investors, say analysts</a>

Government merges the Department of Public Enterprises with the Finance Ministry to bring better control over state-owned firms

New Delhi, Jan 8 () Steel workers' body SWFI on Wednesday condemned the government's decision to divest equity shares of six PSUs, including MMTC, in Neelachal Ispat Nigam Ltd (NINL).
 The Cabinet on Wedesday approved divestment of some shares of MMTC, National Mineral Development Corporation (NMDC), Bharat Heavy Electrical Ltd (BHEL), Odisha Mining Corporation, Odisha Investment Corporation and MECON in Neelachal Ispat.
 "We strongly condemn the decision," Steel Workers Federation of India (SWFI) Working President P K Das said while reacting to the development.
 He said his organisation opposes sale of any public sector unit be it steel or any other sector.
 Referring to the stressed steel assets which had to undergo NCLT proceedings, he said it must to be noted that no private sector could run their steel plant well.
 "In private sector, Bhushan Steel plant was sold after becoming bankrupt. Adhunik Steel is closed. Today hundreds of steel plants are closed in private sector, but public sector PSUs including NMDC, RINL are doing well and government wants to sell which is doing well," he said and most of the "entities in private sector are sick, bankrupt or sold."
 He further said that SWFI workers will go on strike if the government considers a decision like today's with RINL and NMDC.
 The government must note one thing that there are no buyers in the market, no one wants to invest any amount due to the financial crunch in market.
 In his reaction, Jayanta Roy who is senior vice-president and group head (corporate sector ratings) at ICRA, said. " The proposed sale would have a number of attractions to the strategic investor in the form of a captive iron ore mine which is under development, and a locational advantage of being in Odisha and in proximity to ports. On the other hand, the company may benefit in terms of private sector efficiencies if an experienced player is brought in."
 NINL is a joint venture company, in which four central PSUs -- MMTC, National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL) and MECON -- and two Odisha government companies IPICOL and Odisha Mining Corporation (OMC) are shareholders.
 MMTC holds 49.78 per cent share in NINL, followed by OMC (20.47 per cent), IPICOL (12 per cent), NMDC (10.10 per cent), while MECON and BHEL hold 0.68 per cent each. ABI MKJ

Steel workers' body SWFI opposes govt nod to sale of shares of PSUs in Neelachal Ispat

Ranchi, <keyword id="6357147" type="General" weightage="100" keywordseo="tata-steel" source="Orion">Tata Steel</keyword> sees enough growth opportunities within its existing facilities to actualise an expansion plan to achieve 40 million tonne capacity in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> by 2030, almost double of its current capability in the country, CEO and Managing Director <keyword id="1441007" type="General" weightage="50" keywordseo="t-v-narendran" source="Orion">T V Narendran</keyword> said. The steel giant will continue to hold talks with the UK government over a financial package for operations there, he said. The company has planned capital expenditure to the tune of Rs 12,000 crore for India operations, he said. "In India, basically we want to increase the capacity. We have already around 21 MT. It will be 25 MT soon because the Kalinganagar expansion is going on. We have a few more plans - Neelachal, Kalinganagar and Meramandali or Angul to achieve 40 million tonne capacity by 2030," <keyword id="347545" type="General" weightage="80" keywordseo="narendran" source="Orion">Narendran</keyword> told PTI in an interview here. There are multiple ongoing projects at various locations in India and the company has "prioritised completion of the 5 MTPA Kalinganagar expansion", he said. The company is in the process of expanding its plant capacity in Odisha's Kalinganagar to 8 MT from 3 MT. "Within nine months of acquisition, we have successfully ramped up (the capacity of) Neelachal Ispat Nigam Ltd to one million tonne on annualised basis," he said. The steel company, through its wholly-owned subsidiary <keyword id="13070787" type="General" weightage="50" keywordseo="tata-steel-long-products-ltd" source="Orion">Tata Steel Long Products Ltd</keyword>, had completed the acquisition of Odisha-based one million tonne per annum steel mill NINL for a consideration of Rs 12,100 crore in July 2022. On capacity expansion, he said, "Basically the capex (capital expenditure) which you see is Rs 12,000 crore in India. It will be at that level for the next three years at least." In reply to a query, he categorically said that the entire growth plan is based on "organic" expansion, and there is no plan for any "inorganic" growth in the near future. "Within our facilities, we have enough opportunities. We don't need to acquire anything to achieve our growth aspiration," he said. Speaking on the steel major's UK operations, he said there was "status quo" but the company will continue to pursue talks. "On UK operations, there is no further development. We had conversations a couple of months back. They had given us an offer which is below or lower than what we had sought. After that, there is no further development. We will continue to have conversations with them," Narendran said. Tata Steel has sought a financial package of 1.5 billion pounds from the UK government to execute decarbonisation plans at its Port Talbot facility in South Wales under which it will install new plant machinery with low-emission technologies for replacing two blast furnaces, which are nearing the end of life in 12-24 months, and bringing down the carbon footprint. Asked about the future course on projects there, he said it would depend on the outcomes of the dialogue and the financial support from the UK government. The steel major owns a 5-MT facility at Port Talbot, which is the UK's largest steelworks employing around 8,000 people. "Our route and pace of decarbonisation across geographies will be calibrated for each location based on the local regulatory framework, government support and willingness of customers to pay for higher-cost green steel," he said. Tata Steel group is among the top global steel companies with an annual crude steel capacity of 35 million tonne. The group recorded a consolidated turnover of USD 30.3 billion in the financial year ending March 31, 2023. <keyword id="4252143" type="General" weightage="50" keywordseo="tata-steel-limited" source="Orion">Tata Steel Limited</keyword>, together with its subsidiaries, associates, and joint ventures, is spread across five continents with an employee base of over 65,000. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/govt-to-roll-out-lost-mobile-blocking-tracking-system-pan-india-on-may-17/articleshow/100224875.cms">Govt to roll out lost mobile blocking, tracking system pan-India on May 17</a> <a href="https://www.businessinsider.in/stock-market/markets/news/fpi-bought-equity-worth-rs-18617-crore-in-may/articleshow/100225129.cms">FPI bought equity worth ₹18,617 crore in May</a> <a href="https://www.businessinsider.in/business/telecom/news/pm-modi-wants-us-to-start-building-rd-around-6g-technology-cisco-coo/articleshow/100224961.cms">PM Modi wants us to start building R&amp;D around 6G technology: Cisco COO</a>

Enough growth opportunities within facilities to take capacity to 40 MT in India: Tata Steel CEO

<ul><li>With three months left until the end of the current financial year, the government has so far met only 5% of its <keyword id="787167" type="General" weightage="20" keywordseo="divestment-target" source="Orion">divestment target</keyword>.</li><li>Till now, it has raised ₹9,329 crore out of ₹1.75 lakh crore divestment target of FY22.</li><li><keyword id="7922409" type="General" weightage="20" keywordseo="lic-ipo" source="Orion">LIC IPO</keyword> is expected to fetch somewhere between ₹75,000 crore to ₹1.50 lakh crore to the government depending on how much stake it decides to sell.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them.</li></ul>The union government might miss the divestment target for financial year 2022, which will be the third consecutive year where it fails to meet its ambitious numbers. Every year, the government sets a target amount it hopes to earn by selling stake in public sector enterprises, receiving dividends from owned companies, amount realised from exchange traded funds and so on. So far the government has only met merely 5% of its divestment target of ₹1.75 lakh crore and is short of ₹1.65 lakh crore more. The government has huge hopes of meeting its huge disinvestment target from the LIC IPO where it is reportedly expected to sell 5-10% of its stake. However, even after selling stake in the IPO, it would still not meet its divestment target, here’s how. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">How much will govt get from LIC IPO </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Funds govt would receive </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Short of divestment target by… </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">If it sells 5% stake </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹75,000 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹90,671 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">If it sells 10% stake </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1.50 lakh crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15,671 crore </td></tr></tbody></table><a href="https://economictimes.indiatimes.com/markets/ipos/fpos/lic-ipo-could-make-the-psu-indias-second-largest-company-after-reliance/articleshow/88850447.cms">Reportedly</a>, the government is pushing for a valuation of ₹15 lakh crore for the state-owned insurer that will soon file for the country’s biggest IPO before March 2022. So far the divestment proceeds of ₹9,329 crore came from the offer-for-sale of NMDC and the sale of some government-owned shares in Axis Bank. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Government divestment so far from trimming stake in below companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Approximately ₹9,329 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank through Sutti </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,994 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NMDC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,654 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hudco </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹726 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹742 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹219 crore </td></tr></tbody></table>In FY21, the government met 16% of its ambitious divestment target of ₹2.10 lakh crore due to unexpected pandemic that hit the country In the last 10 years, only twice has the government been able to meet and even exceed its divestment target. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divestment target </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of target met </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY11 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹40,000 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">57% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY12 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹40,000 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">45% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY13 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30,000 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">86% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY14 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹54,000 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">54% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY15 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹58,425 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">65^ </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY16 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹69,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">61% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY17 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹56,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">85% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY18 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹72,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">138% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹80,000 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">118% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1.05 lakh crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">48% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.10 lakh crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr></tbody></table>In the February 2021 budget, Finance Minister Nirmala Sitharaman said the government would sell stake in Shipping Corp of India, Air India, Neelachal Ispat Nigam Ltd, Container Corp of India, IDBI Bank, BEML Ltd and Pawan Hans, among others. Adding to it, the government was to privatise two state owned banks and sell stake in one insurance firm. The government is yet to sell stake in these public sector companies, and they seem unlikely before March 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/tax-rates-and-rules-change-expected-from-budget-2022/articleshow/88899801.cms">Anomalies that need to be fixed in India’s startup regulations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-2022-expectation-in-higher-standard-deduction-tax-slabs-and-covid-insurance/slidelist/88891751.cms">From higher standard deduction and change in tax slabs to clarity on Covid insurance, here’s what tax experts want from Budget 2022</a>

Even after the LIC IPO, Indian government may be well short of its divestment target ⁠— for a third year in a row

New Delhi, Jan 10 () NMDC Chairman and Managing Director N Brijendra Kumar on Friday said that the Union Cabinet has approved disinvestment of stake of six public sector units (PSUs) in Neelachal Ispat Nigam Ltd, and not that of NMDC. 
 Neelachal Ispat Nigam Ltd (NINL) is a joint venture company, in which four central PSUs -- MMTC, National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL) and MECON -- and two Odisha government companies, IPICOL and Odisha Mining Corporation (OMC), are shareholders.
 The government on Wednesday gave in-principle approval for strategic sale of NINL by allowing six PSU shareholders to sell their stake in the steel company.
 "Still confusion is being created by some ppl regarding disinvestment in #NINL,a joint venture company of central and state PSUs in the State of Odhisha.The present decision is not for the disinvestment of @nmdclimited . I repeat No Disinvestment of #NMDC by the present decision," Kumar said in a tweet.
 Some people for their vested interest are spreading rumours on social media and in general public that NMDC is being disinvested which has created an atmosphere of confusion. NMDC is just a stakeholder in NINL, he told .
 Kumar said people must read the government's decision with regard to NINL and understand that the decision is not related to divestment of NMDC.
 MMTC holds 49.78 per cent share in NINL, followed by OMC (20.47 per cent), IPICOL (12 per cent), NMDC (10.10 per cent). MECON and BHEL hold 0.68 per cent stake each in the company. 
 The strategic buyer for NINL will be identified through a two-stage auction procedure, an official statement had said. ABI RVK

'Cabinet approved disinvestment of stake in NINL, not NMDC'

New Delhi, Jan 13 () NMDC has informed the steel ministry about the confusion being created that the state-owned miner is being disinvested, a government official said.
Some people for their vested interest are spreading rumours on social media and in general public that NMDC is being disinvested, which has created an atmosphere of confusion, its Chairman N Brijendra Kumar said last Friday.
He also clarified that NMDC itself is just a stakeholder in Neelachal Ispat Nigam Ltd (NINL)
Last week, the government gave in-principle approval for strategic sale of NINL by allowing PSU shareholders to sell their stake in the steel company.
NMDC has apprised the steel ministry that confusion is being created and rumours are being spread over the issue, the official said, while assuring action against those who are misleading the public.
"Still confusion is being created by some ppl regarding disinvestment in #NINL, a joint venture company of central and state PSUs in the State of Odhisha. The present decision is not for the disinvestment of @nmdclimited . I repeat No Disinvestment of #NMDC by the present decision," Kumar said in a tweet.
He also said people must read the government's decision with regard to NINL and understand that the decision is not related to divestment of NMDC.
Neelachal Ispat Nigam Ltd (NINL) is a joint venture company, in which four central PSUs -- MMTC, National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL) and MECON -- and two Odisha government companies, IPICOL and Odisha Mining Corporation (OMC), are shareholders.
MMTC holds 49.78 per cent share in NINL, followed by OMC (20.47 per cent), IPICOL (12 per cent), NMDC (10.10 per cent). MECON and BHEL hold 0.68 per cent stake each in the company.
The strategic buyer for NINL will be identified through a two-stage auction procedure, an official statement had said. ABI SID BAL
BAL

NMDC informs Steel Ministry about NMDC disinvestment rumours

Bhubaneswar, Mar 8 () The officers association ofthe Neelachal Ispat Nigam Ltd on Sunday urged the Centre toreview its decision to disinvest 100 per cent equity in NINLand demanded that major promoters infuse funds for running ofthe steel plant at the optimum level.NINL has a 1.1 Mtpa integrated steel plant inKalinganagaar in Odisha. MMTC has 49.78 per cent share inNINL, while Odisha government has 32.47 per cent stake throughIPICOL and OMC."Government should review the decision of thedisinvestment process. Major promoters of NINL like MMTC, OMCand IPICOL should immediately infuse fund for runningoperation of the steel plant at optimum level and to bringmines operative," Neelachal Executive Association (NEA)president Avijit Koley and general secretary AK Pradhan said.They claimed that disinvestment may not be the remedyof all problems of NINL and instead merger of NINL withstate-owned Sail or Rinl will pave way for meeting mutualinterest to expand steel capacity in the country.Koley said that NINL had achieved net profit up to2011-12. The NEA president claimed that the company made lossfrom 2012-13 due to low equity infusion, insufficient cashflow, want of fund for repair, modernization, expansion,inadequate supply of raw materials, high production cost andcommission at high rate to MMTC upon purchase and sell.In 2018-19, NINL took many positive steps towardsrevival and blast furnace capital repair increasedproductivity, while its captive mine got all clearances in2019, he said.The Cabinet Committee on Economic Affairs (CCEA) hasapproved strategic disinvestment of 100 per cent equityshareholding in NINL."Merger with Sail/Rinl will allow fulfilling mutualinterest to achieve capacity expansion. Given uncertaintiesassociated with greenfield projects, acquisition of NINL bySail/Rinl appears to be a preferred option," they said.NINL has 2500 acres of undisputed land sufficient forexpansion of up to 10 MTPA, own captive mine of 110 milliontonne of estimated reserve and mining lease for 50 years,state of the art production unit and good connectivity."Merger with Sail or Rinl will give a big boost towardscapacity expansion of psu steel units," they said.The claimed that around 10,000 people are dependent onNINL for livelihood and stressed the need for immediateinfusion of fund for running of the plant. SKNRG RG

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Tata Steel's arm to buy debt-ridden Neelachal Ispat Nigam for ₹12,100 crore from government

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Government merges the Department of Public Enterprises with the Finance Ministry to bring better control over state-owned firms

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Even after the LIC IPO, Indian government may be well short of its divestment target ⁠— for a third year in a row

Bhakti Makwana

'Cabinet approved disinvestment of stake in NINL, not NMDC'

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NMDC informs Steel Ministry about NMDC disinvestment rumours

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NEA urges Centre to review NINL disinvestment decision

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