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Centre kick starts strategic sale of NINL, invites EoIs

Wednesday, 27 Jan 2021
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The Central government has invited expression of interest (EoI) for strategic divestment of Neelachal Ispat Nigam (NINL) at enterprise value.

The sale will include transfer of management control, mining rights and leasehold rights of land currently held by the public sector enterprise under the Steel Ministry which makes pig iron and billets.

As part of the strategic disinvestment, the management and control of NINL will be transferred to the successful bidder through a transaction mechanics that include purchase of shares and infusion of funds into NINL which will be used to repay the existing debt of NINL at or around the time of closing.

Interested bidders have till 29 March 2021 to submit the bids.

The amount payable by a successful bidder would be applied on a priority basis towards settlement of labour dues, operational creditors, commercial lender debt, promoter debt and purchase of 93.71 percent of shareholding of NINL as per a predetermined waterfall mechanism.

The government has set the minimum net-worth of interested parties at Rs 2,000 crore as of 31 March 2020. Any entity, limited liability partnership, alternate investment fund and employees of the PSU have been allowed to bid, but government-owned companies have been prohibited.

The combined net worth of participating employees and bank or venture capitalist or financial institution will be taken into account for calculating minimum net worth requirement in a bid by employers of the company.

In case of a consortium of bidders, eligibility criteria will apply to all  participants. Bidders can create special purpose vehicles after submission of EOIs.

The Cabinet Committee on Economic Affairs (CCEA) had given earlier this month an in-principle approval for strategic disinvestment of equity shareholding of several PSUs that hold equity in the company.

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