CCEA approval for disinvestment in NINL

New Delhi: The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, gave ‘in-principle’ approval for strategic disinvestment in Neelachal Ispat Nigam Ltd (NINL) by selling the government’s stake to a strategic buyer which would be identified through a twostage auction procedure.

Information and broadcasting minister Prakash Javadekar said after the CCEA meeting on Wednesday that NINL divestment would be one of its kind in that it would increase employment opportunities.

NINL is a joint venture company with equity shareholding of Minerals and Metals Trading Corporation Ltd. (49.78%), National Mineral Development Corporation (10.10%), MECON (0.68%) and BHEL (0.68%). Besides, Odisha government public sector units Industrial Promotion and Investment Corporation of Odisha Ltd. and Odisha Mining Corporation hold 12% and 20.47% stakes respectively.


The proposed strategic disinvestment of NINL would unlock resources to be used to finance social sector or developmental programmes of the government, benefiting the public, said an official statement.

It is expected that the successful strategic buyer will bring in new management, technology and investment for the growth of the company and may use innovative methods for development of business operations of the company, which may generate more employment opportunities.