MMTC has executed a share purchase agreement to sell its entire stake in Neelachal Ispat Nigam (NINL) to Tata Steel Long Products as part of the disinvestment drive of the government. In January, the government approved the sale of loss-making NINL to Tata Steel Long Products (TSLPL) for Rs 12,100 crore.
The completion 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 Tata Steel Long Products.
MMTC is a leading international trading company of India.
