Tata Steel targets NINL amalgamation by FY27: CFO Koushik Chatterjee

Tata Steel is looking to complete the amalgamation process of Neelachal Ispat Nigam Ltd (NINL) in this financial year, a top company official said. NINL assets were acquired by the steel giant through its erstwhile subsidiary Tata Steel Long Products (TSLP) for Rs 12,100 crore. "The amalgamation of NINL with Tata Steel remains on track for completion this financial year," Koushik Chatterjee, Executive Director and Chief Financial Officer (CFO) of Tata Steel, said. However, the amalgamation remains subject to final approval from the National Company Law Tribunal (NCLT), which is scheduled to hear the matter later this month, he said. The approval will pave the way for the proposed Rs 40,000 crore expansion plan at NINL. Tata Steel, which acquired NINL's 1 million tonnes per annum (MTPA) steel manufacturing unit in July 2022, plans to add around 5 million tonnes of capacity to the facility, located about 5-10 km from its Kalinganagar steel plant. "We have... announced another 5 mil