Bharat Heavy Electricals (BHEL) has executed the Share Purchase agreement and Escrow agreement (Definitive Agreements) for sale of its entire equity holding in Neelachal Ispat Nigam (NINL) to Tata Steel Long Products (TSLP), the successful bidder selected through the two stage auction procedure involving a competitive bidding process, run under the aegis of Department of Disinvestment & Public Asset Management (DIPAM).
Completion (as defined in the Definitive Agreements) of the transaction would require fulfilment of certain actions contemplated under the Definitive Agreements and the transfer of shareholding of the Company in NINL to TSLP will be completed on Completion of the transaction.
BHEL is India’s largest engineering and manufacturing company of its kind. It is a power plant equipment manufacturer and operates as an engineering and manufacturing company.
