Tata Steel Long Products Wins Bid for Neelachal Ispat Nigam

Tata Steel Subsidiary Tata Steel Long Products emerged as the winning bidder to acquire 93.71 per cent stake in Odisha-based Neelachal Ispat Nigam, which has an installed capacity of 1 million tonnes. A section of analysts has called the Rs 12,100-crore acquisition an “expensive affair”. But the steel maker believes this is a strategic acquisition given Neelachal’s current capacity, 2,500 acres of land and iron ore reserves of around 100 million tonnes. Tata Steel is eyeing building a 4.5-million tonne per annum long products complex in the next few years, and expanding it further to 10 million tonne per annum by around 2030.