Tata Steel Snaps Up Indebted Mill With $1.6 Billion Bid
- Tata Steel Long Products will buy 93.7% in Neelachal Ispat
- Deal also gives Tata access to 100 million tons of iron ore
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Tata Steel Ltd. has won a race to buy state-run Neelachal Ispat Nigam Ltd. with a bid of 121 billion rupees ($1.6 billion), including debt.
The country’s oldest steel company elbowed out rivals, including JSW Steel Ltd., to buy the mill as domestic producers aggressively seek to raise output to meet booming demand. The deal will also help take Prime Minister Narendra Modi’s government closer to its asset-sale target for the year.