The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi has given 'in principle' approval for strategic disinvestment of equity shareholding of Minerals & 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.

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.

Strategic disinvestment of joint venture shareholdings approved in principle; sale through staged auction to strategic buyer. Approval in principle was given for the strategic disinvestment of central and state public sector equity holdings in Neelachal Ispat Nigam Limited (NINL) by transferring CPSE and Odisha State PSU shareholdings to a strategic buyer identified through a two-stage auction procedure, with the sale intended to unlock resources for social and developmental programmes and to attract new management, technology and investment to foster company growth and employment.