Public sector steel maker Neelachal Ispat Nigam (NINL) has paid commission worth Rs 724.96 crore to trading firm MMTC between 2001-02 and 2015-16. The payment was made in respect of procurement of raw material for NINL’s steel plant located at Duburi in Odisha’s Jajpur district and also for sale of finished goods.
MMTC is the biggest shareholder in NINL with equity of 49.9 per cent. Two state government entities- Odisha Mining Corporation (OMC) and Industrial Promotion & Investment Corporation of Odisha (Ipicol) own stakes in NINL. Central PSUs like National Mineral Development Corporation (NMDC), Bhel and Mecon have minor equity participation.
MMTC is major global player in the minerals trade and is the single largest exporter of minerals from India. With its comprehensive infrastructural expertise to handle minerals, the company provides full logistic support from procurement, quality control to guaranteed timely deliveries of minerals from different ports, through a wide network of regional and port offices in India, as well as international subsidiary.
