Indian government cancels privatization of Salem Steel Plant

Thursday, 04 January 2024 11:04:17 (GMT+3)   |   Kolkata

The Indian government has scrapped the privatization process for Salem Steel Plant (SSP), a wholly-owned subsidiary of Steel Authority of India Limited (SAIL), owing to lack of interest from private investors, according to a government statement on Thursday, January 4.

SAIL had floated an expression of interest (EoI) seeking private investors to buyout SSP in 2019, but the government has now decided to scrap the process.

“Multiple EoIs had been received and bidders were shortlisted. However, due to lack of interest of shortlisted bidders to proceed further with the transaction, the government with the approval of the Alternative Mechanism (Empowered Group of Ministers) has decided to annul the current EoI, thereby terminating the present transaction,” the Department of Investment and Public Asset Management (DIPAM) said

SSP operates a plant in the southern state of Tamil Nadu with 70,000 mt per year capacity for production of stainless steel coils and sheets.

Similar articles

SAIL’s Bhilai steel mill to install floating solar power plant

13 May | Steel News

SAIL’s Bokaro steel mill inks pact with DVC to meet higher electricity demand

25 Apr | Steel News

SAIL’s Bhilai mill achieves highest-ever crude steel output in FY 2023-24

16 Apr | Steel News

SAIL inks pact with Sentra World to cut carbon emissions at Durgapur mill

02 Apr | Steel News

India’s SAIL achieves 5% rise in crude steel output in FY 2023-24

02 Apr | Steel News

India’s steel ministry likely to revisit option of mega merger of government mills after elections

28 Mar | Steel News

SAIL’s Rourkela mill installs upgraded, automated raw material handling plant

19 Mar | Steel News

SAIL and Primetals ink MoU for green steel transition at Rourkela plant

07 Mar | Steel News

SAIL’s Bokaro steel mill receives certification for shipbuilding steel production

28 Feb | Steel News

Indian government puts privatization of state-run steel mills on backburner

27 Feb | Steel News