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Title: Need to merge Neelanchal Ispat Nigam Limited with Steel Authority of India Limited at the earliest – Laid.
SHRI B. MAHTAB (CUTTACK): Neelachal Ispat Nigam, a project established by MMTC of Ministry of Commerce is going to be merged with SAIL. Though Commerce Ministry has the controlling share in Neelachal Ispat Nigam Limited it does not have any interest for expansion i.e. steel making. They get 6 per cent commission on every supply of raw material and sale of finished products. But Government of Orissa, another promoter does not get any share. Since MMTC are not in the trade of steel making as they don’t have any expertise in this field and as such no apparent interest is being shown in investing funds for future expansion, there is an urgent need to expand and produce steel and other value added products to face the competitive worldwide market.
SAIL is also in the race to make its presence felt in the global market and have embarked upon expansion of all units with their earned profits. There is an urgent need to merge the Neelachal Ispat Nigam Ltd. with SAIL. Recently IDBI had conducted valuation of shares of NINL. Later another private valuer also assessed. It is understood that both the valuation were almost same. As there is an attempt by some interested quarter to transfer the NINL Plant to private hands, I urge upon the Government to scuttle it and ensure smooth merger of NINL with SAIL at the earliest.