INSUBCONTINENT EXCLUSIVE:
give a push to its strategic disinvestment plan within the current fiscal year itself by clearing sale of 100 per cent stake in three
special steel producing units of Steel Authority of India Ltd
(SAIL), including Salem Steel and Alloy Steel Plant.Sources said that the Prime Minister's Office has accorded its approval to the sale and
Department of Investment and Public Asset Management (DIPAM) will now start the process of appointment of transaction advisors to conclude
Karnataka, Salem Steel Plant, Tamil Nadu, and Alloy Steel Plant, Durgapur, West Bengal.All these units of the steel giant have been
consistently making losses and sale has been considered the best option.The disinvestment of these units will be to strategic buyers to be
identified through a two-stage auction process
ascertained.Visvesvaraya Iron and Steel Ltd, Bhadrawati, which was taken over by SAIL in 1997, produces alloy steel and pig iron
It was started by M Visvesvaraya, a diwan of Krishnaraja Wodeyar and the then ruler of Mysore, in 1923 under the name of Mysore Iron
Works.Salem Steel is also an old unit with SAIL that produced high grade stainless steel with utensils branded in its name being household
reaching closer to disinvestment target of Rs 80,000 crore for FY19
So far, the disinvestment proceeds have reached closer to Rs 50,000-crore mark.
