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.


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