The central government has received financial bids for the strategic disinvestment of Neelachal Ispat Nigam Limited (NINL), Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said on Thursday. The process for strategic disinvestment of the company has now moved to the concluding stage, he said in a tweet. December 23 was the scheduled date for bidding for debt-laden steel maker. The Centre is planning to divest 93.7 per cent stake held by four central public sector enterprises (CPSE) and two Odisha government companies. CPSEs MMTC and NMDC own 49.78 per cent, and 10.10 per cent in NINL, respectively. MECON and Bharat Heavy Electricals hold 0.68 per cent each in the steel maker. Industrial Promotion and Investment Corporation of Odisha and Odisha Mining Corporation own 12 per cent and 20.47 per cent stake in NINL, respectively. The Centre expects to complete this transaction by the end of the fiscal.
