New Delhi, Aug 30: The process for disinvestment of Odisha-based CPSU Neelachal Ispat Nigam Limited (NINL) is likely to be completed by December, officials said on Monday.

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.

NINL managing director RK Jha said many big bidders have come forward and they want to take over the company.

He said the disinvestment process is likely to be completed by December end.

The Department of Investment and Public Asset Management (DIPAM) had invited preliminary bids for the strategic sale of NINL in January this year.

The government has received multiple expressions of interest for the privatisation of the company, sources said.

Last year, the Cabinet Committee on Economic Affairs had given ‘in principle’ approval for the strategic disinvestment of the company.