Tata Steel looks to complete NINL amalgamation this fiscal: CFO Koushik Chatterjee

Tata Steel plans to finalise the amalgamation of Neelachal Ispat Nigam Ltd by the end of this financial year. The National Company Law Tribunal will review this matter later this month. Tata Steel, having acquired NINL for Rs 12,100 crore, aims for a significant expansion. An additional 5 million tonnes capacity will be added to NINL's existing 1 million tonne facility.

New Delhi: Tata Steel is looking to complete the amalgamation process of Neelachal Ispat Nigam Ltd (NINL) in this financial year, a top company official said.

NINL assets were acquired by the steel giant through its erstwhile subsidiary Tata Steel Long Products (TSLP) for Rs 12,100 crore.

"The amalgamation of NINL with Tata Steel remains on track for completion this financial year," Koushik Chatterjee, Executive Director and Chief Financial Officer (CFO) of Tata Steel, said.

However, the amalgamation remains subject to final approval from the National Company Law Tribunal (NCLT), which is scheduled to hear the matter later this month, he said.

The approval will pave the way for the proposed

Rs 40,000 crore expansion plan at NINL.

Tata Steel, which acquired NINL's 1 million tonnes per annum (MTPA)

steel manufacturing unit in July 2022, plans to add around 5 million tonnes of capacity to the facility, located about 5-10 km from its Kalinganagar steel plant.

"We have... announced another 5 million tonne expansion in Neelachal (Ispat Nigam), which is also in Kalinganagar. It is a long products expansion, and we have announced that it is a Rs 40,000 crore project," Tata Steel CEO and Managing Director T V Narendran recently told PTI.

NINL was the first state-owned steel company to be privatised by the Narendra Modi-led government.

Tata Steel is among the top global steelmakers with an annual crude steel capacity of 36 million tonnes.