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Construction : General1213 | May 2011 | Source : Construction Update

Steel, Commerce Ministries to discuss Neelachal Ispat valuation

Steel and Commerce Secretaries to take a call on Neelachal Ispat valuation

The Union Steel and Commerce Secretaries are likely to take a call on the pending valuation issues of Neelachal Ispat Nigam Ltd (NINL) by Rashtriya Ispat Nigam Ltd (RINL), and MMTC Ltd's stake in the project. The Steel Secretary, Mr PK Mishra will soon meet the Commerce Secretary, Dr Rahul Khullar to close the issue.

Mr Mishra said the due to difference between RINL and MMTC; the valuation process could not be completed. But now in the next meeting, effort will be made to resolve all the issues related to the valuation process. If the Commerce Ministry and MMTC agree, NINL's stake would be sold off at the price, which was decided earlier.

Mr P.K. Bishnoi, CMD of RINL, said RINL wanted to purchase NINL and make it a separate entity, but due to disagreement on valuation, it could not happen.

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