Bhubaneswar: Taking a significant step towards its turnaround, Odisha’s Kalinga Nagar based Neelachal Ispat Nigam Limited (NINL) has started production of own brand of TMT Bar “NINL SMART TMT” through conversion agents and will launch the product soon. The company aims to produce initially about 10,000 tonnes of TMT Bar in a month from Billets produced at its state-of-the-art Steel Melting Shop.
Mr. Sashi Shekhar Mohanty, Vice-Chairman and Managing Director, NINL, said, “This will be a game changer for the company. In the coming time, the quantity of value added products will go up as NINL has invited ‘Expression of Interest’ for setting up of TMT bar-cum-rod mill.”
The company has achieved important milestones in the last two years by executing capital repair of its Blast Furnace in April 2018 and by resuming Billet production from the Steel Melting Shop in December last year. The company’s iron ore mines has also been granted necessary clearances during the period.
Mr. Mohanty said the company is in advanced stage of operation of its 110 million ton reserves iron ore mines at Koira in Keonjhar and Sundargarh districts. Operation is expected by the second quarter of the present fiscal.
In 2018-19 Financial Year, NINL achieved its highest ever net sales turnover of Rs. 2,100 crores, registering growth of 126% and 65% over the 2017-18 fiscal and 2016-17 fiscal respectively. With the addition of high value added Billets, TMT, Wire Rods, the top-line of NINL is expected to improve further.
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