India’s SAIL initiates exit from non-core joint venture businesses

Tuesday, 03 September 2019 11:28:21 (GMT+3)   |   Kolkata

Indian state-run steel producer Steel Authority of India Limited (SAIL) has decided to exit joint venture subsidiaries engaged in non-core businesses, company sources said on Tuesday, September 3.

The sources said that SAIL has commenced paper work to exit from its joint venture SAIL Jagdishpur Power Plant Limited, which was implementing a gas-based power plant in the northern Indian state of Uttar Pradesh.

Similarly, an exit has been initiated to terminate its participation in SAIL Sindri Projects Limited which had been set up to revive a defunct fertilizer producing plant in the eastern state of Jharkhand.

SAIL has already started liquidation of another subsidiary IISCO-Ujjain Pipe and Foundry Limited located in West Bengal in eastern India.

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