Naveen Jindal-led Jindal Steel & Power is planning to "seriously pursue" state-run steel plant Neelachal Ispat Nigam Ltd (NINL) for which the government is likely open bids on December 23.
"We are very serious about this asset. For us, the chances are also better, I think ... Though the highest bidder will get the chance, I think we can turn around the asset faster," JSPL managing director VR Sharma said in an interaction.
Sharma is projecting a fair value of around Rs. 5,000 crore for the assets of NINL, consisting of its land and mines.
Department of Investment and Public Asset Management secretary Tuhin Kanta Pandey last month stated that the Centre was looking forward to completing the financial bids for the remaining six public segment undertakings that were listed for divestment. These are BPCL, BEML, Shipping Corporation of India, Pawan Hans, Central Electronics and NINL.
Several firms in the metal industry have submitted expressions of interest (EoIs) for NINL. From them, ArcelorMittal, JSW Steel, Hyderabad-based Megha Engineering & Infrastructure, Tata Steel and JSPL are among firms that have been shortlisted.
In an earlier interaction, Tata Steel managing director TV Narendran said that the company was planning to develop its long-product portfolio, and was pursuing acquisitions such as of state-owned NINL and Rashtriya Ispat Nigam for this.
