Tata Steel Completes Full Acquisition of Neelachal Ispat Nigam Ltd (NINL)
NINL becomes a 100% subsidiary; posts major operational turnaround after takeover
Bhubaneswar: Tata Steel has officially completed the full acquisition of Neelachal Ispat Nigam Ltd (NINL), marking a significant milestone in the company’s expansion and revival of sick industrial units in India. This update was shared by Tata Steel’s Executive Director and CFO, Koushik Chatterjee, during the announcement of the company’s quarterly financial results.
Chatterjee stated that as of July 24, 2025, Tata Steel now owns 100% equity in NINL, making it a wholly owned subsidiary. This completes the disinvestment process initiated by the central government and transforms NINL into an integral part of Tata Steel’s operations.
The journey to this acquisition began in 2022, when Tata Steel, through its subsidiary Tata Steel Long Products (TSLP), acquired a 93.71% stake in NINL for ₹12,100 crore. In the time since, the remaining equity has also been secured, giving Tata full control over the company.
NINL, once a loss-making public sector unit, was established through a joint venture between four Central PSUs—MMTC, NMDC, BHEL, and MECON—and two Odisha state government entities—OMC and IPICOL. Located in Kalinganagar, Jajpur, the steel plant had been non-operational since March 2020 due to prolonged financial losses.
However, after being taken over by Tata Steel, NINL has seen a complete turnaround. In the fourth quarter of FY 2024-25, the company recorded an operating profit of ₹1,000 crore, highlighting its swift recovery. In the first quarter of FY 2025-26, NINL achieved an EBITDA of ₹224 crore, further reinforcing its positive growth trajectory.
The acquisition aligns with Tata Steel’s long-term strategy to strengthen its position in the long products segment and expand its footprint in eastern India. NINL’s location in Odisha—a mineral-rich state with world-class industrial infrastructure—makes it a key asset in Tata Steel’s expansion blueprint.
The company’s revival is also seen as a model example of successful public sector disinvestment, with private sector efficiency bringing renewed life to dormant assets. Tata Steel has already begun integrating NINL’s operations and is likely to invest further to modernize the plant and expand production capacity.
This acquisition also serves as a boost to Odisha’s industrial landscape and employment potential, as the plant’s revival has led to the re-engagement of the local workforce and vendors.
