Construction Industry News
Odisha-based Neelachal Ispat Nigam Ltd (NINL) has begun a bid process for Rs 120 billion nearly 90 days after its acquisition by a subsidiary of Tata Steel, according to a statement released on Monday.
The factory, with a capacity of 1.1 million tons of steel, has been closed for almost two years for various reasons. Tata Steel Long Products (TSLP), a subsidiary of Tata Steel, announced in a statement that the blast furnace at subsidiary NINL had restarted just 90 days after the acquisition was completed on July 4, 2022.
“As the site had been out of operation for two years, we wanted to quickly restart the furnace, deploying and demonstrating Tata Steel's strong execution capabilities,” said TV Narendran, Chairman of Tata Steel Long Products Ltd & NINL. Narendran, who is also the CEO and Managing Director of parent company Tata Steel, stated that the focus is now on gradually ramping up production to nominal capacity as planned.
Tata Steel plans to invest in the NINL site in the coming years to build a dedicated product complex of 4.5 million tons per year.
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