DIPAM Secretary announced on Thursday that the government has received financial bids for strategic bids for the strategic disinvestment of Neelachal Ispat Nigam Limited (NINL). The process now moves to the concluding stage.

"Financial bids received for strategic disinvestment of Neelachal Ispat Nigam Limited. Process now moves to concluding stage," wrote DIPAM Secretary on Twitter.

Financial bids received for strategic disinvestment of Neelachal Ispat Nigam Limited. Process now moves to concluding stage. pic.twitter.com/tUe81ZrUyt— Secretary, DIPAM (@SecyDIPAM) December 23, 2021

Financial bids received for strategic disinvestment of Neelachal Ispat Nigam Limited. Process now moves to concluding stage. pic.twitter.com/tUe81ZrUyt

Last week, Jindal Steel and Power Ltd (JSPL) Managing Director V R Sharma has stated that the firm will "aggressively" bid for Odisha-based steel maker NINL.

"We are extremely serious about it (NINL) and will bid aggressively for the asset. This asset is more valuable to us in terms of our operations there in Odisha," Sharam had told PTI.

NINL is a joint venture, 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 are shareholders.

Operations at 1.1 million tonnes integrated NINL plant in Jajpur are suspended at the moment. NINL has its own captive power plant to meet the internal power requirement and air separation unit for producing oxygen, nitrogen and argon. Besides, the company has its own captive iron ore mines which are under development, and a land area of 2,500 acre.

In January, the Union Cabinet had cleared the strategic disinvestment of five small PSUs including Neelachal Ispat Nigam Ltd. The other four PSUs were - Minerals and Metals Trading Corporation Ltd, National Mineral Development Corp, MECON and Bharat Heavy Electrals Ltd.

The Budget for 2021-22 has set a disinvestment target of Rs 1.75 lakh crore. Of this, Rs 1 lakh crore is to come from selling government stake in public sector banks and financial institutions, and Rs 75,000 crore will come as CPSE disinvestment receipts.

Also Read: Pawan Hans privatisation: Process now moves to concluding stage, says DIPAM secy

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