With a total equity component of Rs 553 crore, Neelachal Ispat's equity pattern has been accepted as follows: MMTC has a Rs 100 crore stake, Ipicol Rs 73 crore, Mecon (consultant of the project) Rs 5 crore, Commonwealth Development Corporation (CDC) Rs 54 crore, LG Corporation (LGC) Rs 79 crore and a public issue component of Rs 242 crore. Excepting the two foreign companies - CDC and LGC, all Indian companies have taken their stakes in the equity of NINL. As uncertainties prevail in finalising the equity structure since CDC and LGC have not taken up stake, NINL has extended offers to participating bidders of various packages to take up stake in it. The NINL management has decided to give certain concessions to participating bidders if they join the equity.

According to officialsources, LGC and CDC have taken time up to June 1998 for giving final consent on joining NINL's equity structure. Sources told The Financial Express, "Since uncertainties cannot go on NINL is trying alternative means to solve the equity problem."

A source said due to delay in constituting equity, finalisation of biddings in the packages is also being delayed.