The Indian government-owned steel structural product company Tungabhadra Steel Products Limited (TSPL) will shut down as it has gone bankrupt after becoming a financial burden on the government and as efforts to revive it have failed, a senior government official told SteelOrbis on Thursday, January 29.
TSPL, under the administrative management of the ministry of heavy industries and public enterprises, had an accumulated liability of INR 3 billion ($49 million), and, since no revival plan drawn up over the past few years worked out, the ministry has decided for bankruptcy, the official said.