India’s SAIL floats EoI for strategic sale of wholly-owned subsidiary VISP

Thursday, 04 July 2019 11:09:03 (GMT+3)   |   Kolkata
       

Indian state-run steelmaker Steel Authority of India Limited (SAIL) has floated a notice seeking expression of interest (EoI) for disinvestment of up to 100 percent equity in its wholly-owned subsidiary Visvesvaraya Iron and Steel Plant (VISP) Limited, company sources said on Thursday, July 4.

The sources said that a preliminary information memorandum and a request for EoI have been issued along with appointing SBI Capital Markets Limited to act as the transaction advisor.

Strategic disinvestment of SAIL’s equity holding in VISP, of up to 100 percent, has been approved by the Indian government’s Cabinet Committee for Economic Affairs (CCEA), the sources said.

The strategic investor for VISP will be selected through competitive bidding, the sources added.

VISP located in southern Indian state of Karnataka has an installed capacity for production of 216,000 mt per year of pig iron through the BOF route and 98,280 mt per year of finished steel capacity, including special steel products like carbon steel, free-cutting steel and case-hardening steel. 


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