Business

Cabinet Clears Disinvestment In Neelachal Ispat

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The Cabinet on Wednesday approved a proposal to divest equity shares of six PSUs, including  Metals and Minerals Trading Corporation (MMTC) and Odisha Mining Corporation, in Neelachal Ispat Nigam Limited (NINL)."The Cabinet has approved divestment of some shares of six companies held in Neelachal Ispat," Information and Broadcasting Minister Prakash Javadekar told media after the Cabinet meeting.The Cabinet has allowed Neelachal Ispat stakeholders to sell the shares, he said.The six PSUs are MMTC, National Mineral Development Corporation (NMDC), Bharat Heavy Electrical Ltd (BHEL), Odisha Mining Corporation, Odisha Investment Corporation and MECON, he said.The minister further said MMTC will sell 49 per cent in Neelachal Ispat, while Odisha Mining Corporation will send 20 per cent, Odisha Investment Corporation, 12 per cent and NMDC, 10 per cent.MMTC, a trading firm under the Union ministry of commerce and industry, is the largest stakeholder in NINL with equity of 49.9 percent.




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