{"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 &#038; BHEL in Neelachal Ispat Nigam Ltd. a JV Company with two Govt. of Odisha State PSUs"},"content":{"rendered":"<p style=\"text-align: justify;\">The Cabinet Committee on Economic Affairs has given &#8216;in principle&#8217; approval for strategic disinvestment of equity shareholding of Minerals &amp; 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<p style=\"text-align: justify;\">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<hr \/>\n<p><strong>Ministry of Finance<\/strong><\/p>\n<p style=\"text-align: right;\"><span style=\"color: #800080;\"><strong>[Press Release dt. 08-01-2020]<\/strong><\/span><\/p>\n<p style=\"text-align: right;\"><span style=\"color: #800080;\"><strong>[Source: PIB]<\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Cabinet Committee on Economic Affairs has given &#8216;in principle&#8217; approval for strategic disinvestment of equity shareholding of Minerals &amp; 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":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cabinet approves strategic disinvestment of equity shareholding of MMTC Ltd., NMDC Ltd., MECON &amp; 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(HUDCO) out of Government of India\u2019s shareholding of 100% through Initial Public Offering (IPO) in the domestic market as per the Securities and Exchange Board of India (SEBI) Rules and\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/Press-Information-Bureau.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/Press-Information-Bureau.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/Press-Information-Bureau.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/Press-Information-Bureau.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/Press-Information-Bureau.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":56871,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/07\/16\/cabinet-approves-disinvestment-of-15-in-nbcc\/","url_meta":{"origin":224059,"position":1},"title":"Cabinet approves disinvestment of 15% in NBCC","author":"Sucheta","date":"July 16, 2016","format":false,"excerpt":"The Cabinet Committee on Economic Affairs has approved the disinvestment of 15% paid up equity of National Buildings Construction Corporation Limited (NBCC) out of Government of India\u2019s 90% shareholding. \u00a0It would result in estimated receipts of Rs.1,706 crore approximately to the Government. 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Mahalingam as Whole Time Member, allowed a consortium of port trusts exemption from making a public announcement of open offer for acquiring shares of a mini-ratna public sector undertaking (PSU), opining that the takeover would cause no change in ultimate\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":221480,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/10\/25\/cci-approves-acquisition-of-shareholding-in-aditya-birla-capital-ltd-by-jomei-investments-ltd\/","url_meta":{"origin":224059,"position":5},"title":"CCI approves acquisition of shareholding in Aditya Birla Capital Ltd. by Jomei Investments Ltd.","author":"Bhumika Indulia","date":"October 25, 2019","format":false,"excerpt":"CCI approves acquisition of 4.15% of the shareholding in Aditya Birla Capital Limited by Jomei Investments Ltd. of Combination under Section 31(1) of the Competition Act, 2002 The Competition Commission of India (CCI) approved acquisition of 4.15% of the shareholding in Aditya Birla Capital Limited (ABCL) by Jomei Investments Limited\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/224059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=224059"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/224059\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=224059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=224059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=224059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}