Indian state-run steelmaker Steel Authority of India Limited (SAIL) has floated an expression of interest (EoI) seeking to divest up to 100 percent of its wholly-owned subsidiary Salem Steel Plant (SSP), located in southern Indian state of Tamil Nadu, company sources said on Tuesday, July 9.
The sources said that SAIL has appointed SBI Capital Markets as financial and transaction advisors in its bid to find domestic or international investors willing to purchase up to a 100 percent stake in SSP, adding that the investor would be selected through competitive bidding.
The latest floatation of an EoI for strategic disinvestment of its plants is the third, with SAIL already seeking to divest its entire holding in Alloy Steel Plant (ASP) in Durgapur in West Bengal and Visvesvaraya Iron and Steel Plant (VISP) in the southern state of Karnataka.
SSP, a primarily stainless steel producer has three main units including a steel melting shop (SMS), a hot rolling mill (HRM) and a cold rolling mill (CRM), with a HRM capacity of 364,080 mt per year and a CRM capacity of 146,028 mt per year.