Cabinet approves ‘In Principle’ strategic disinvestment of equity shareholding of Minerals & Metals Trading Corporation Limited, National Mineral Development Corporation, MECON and Bharat Heavy Electricals Ltd. in Neelachal Ispat Nigam Limited. a JV Company with two Government of Odisha State PSUs

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..... Cabinet approves ‘In Principle’ strategic disinvestment of equity shareholding of Minerals & Metals Trading Corporation Limited, National Mineral Development Corporation, MECON and Bharat Heavy Electricals Ltd. in Neelachal Ispat Nigam Limited. a JV Company with two Government of Odisha State PSUs - News and Press Release Dated:- 8-1-2020 - News - The Cabinet Committee on Economic Affairs cha .....

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..... ired by the Prime Minister, Shri Narendra Modi has given 'in principle' approval for strategic disinvestment of equity shareholding of Minerals Metals Trading Corporation Limited (MMTC) (49.78%), National Mineral Development Corporation (NMDC) (10.10%), MECON (0.68%) and Bharat Heavy Electricals Ltd. (BHEL) (0.68%) and two Odisha State Government PSUs namely; Industrial Promotion and Inv .....

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..... estment Corporation of Odisha Ltd.(IPICOL) (12.00%) and Odisha Mining Corporation (OMC) (20.47%) in Neelachal Ispat Nigam Limited (NINL) to a strategic buyer, identified through a two-stage auction procedure. NINL is a Joint Venture company, in which four CPSEs namely MMTC, NMDC, BHEL and MECON and 2 State PSUs of Odisha Government, namely IPICOL and OMC are shareholders. The proposed str .....

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..... ategic disinvestment of NINL would unlock resources to be used to finance the social sector/developmental programmes of the Government benefiting the public. It is also expected that the successful strategic buyer may bring in new management/technology/investment for the growth of the company and may use innovative methods for the development of the business operations of the company, which may ge .....

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..... nerate more employment opportunities. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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