{"id":224059,"date":"2020-01-09T12:15:33","date_gmt":"2020-01-09T06:45:33","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=224059"},"modified":"2020-01-09T10:51:47","modified_gmt":"2020-01-09T05:21:47","slug":"cabinet-approves-strategic-disinvestment-of-equity-shareholding-of-mmtc-ltd-nmdc-ltd-mecon-bhel-in-neelachal-ispat-nigam-ltd-a-jv-company-with-two-govt-of-odisha-state-psus","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/09\/cabinet-approves-strategic-disinvestment-of-equity-shareholding-of-mmtc-ltd-nmdc-ltd-mecon-bhel-in-neelachal-ispat-nigam-ltd-a-jv-company-with-two-govt-of-odisha-state-psus\/","title":{"rendered":"Cabinet approves strategic disinvestment of equity shareholding of MMTC Ltd., NMDC Ltd., MECON & BHEL in Neelachal Ispat Nigam Ltd. a JV Company with two Govt. of Odisha State PSUs"},"content":{"rendered":"

The Cabinet Committee on Economic Affairs 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 Investment 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.<\/p>\n

The proposed strategic 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 generate more employment opportunities.<\/p>\n

\n

Ministry of Finance<\/strong><\/p>\n

[Press Release dt. 08-01-2020]<\/strong><\/span><\/p>\n

[Source: PIB]<\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Cabinet Committee on Economic Affairs has given ‘in principle’ approval for strategic disinvestment of equity shareholding of Minerals & Metals Trading <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[29535,4],"tags":[39198,30554,39199,39203,39197,39195,39201,39196,39200,9621,39202],"class_list":["post-224059","post","type-post","status-publish","format-standard","hentry","category-cabinet_decisions","category-legislationupdates","tag-bhel","tag-cabinet","tag-ipicol","tag-joint-venture-company","tag-mecon","tag-mmtc","tag-neelachal-ispat-nigam-limited","tag-nmdc","tag-omc","tag-psus","tag-strategic-disinvestment"],"yoast_head":"\nCabinet approves strategic disinvestment of equity shareholding of MMTC Ltd., NMDC Ltd., MECON & BHEL in Neelachal Ispat Nigam Ltd. a JV Company with two Govt. 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