SAIL likely to merge with subsidiary Iisco

SAIL likely to merge with subsidiary Iisco

Indian steel producer Steel Authority of India Ltd (SAIL) reportedly seeks approval to merge with one of its subsidiaries, Indian Iron and Steel Co Ltd (Iisco). SAIL officials said that they submitted their proposal to the Steel Ministry. The same officials added that there are certain issues that remain to be clarified, such as the extension of mining leases. SAIL has been undertaking an investment plan worth Rupees 3.4 billion ($77 million) to revive its ailing subsidiary Iisco; however, the investment plan may be altered after the merger. SAIL officials disclosed that the proposal will be taken to the Cabinet following the Steel Ministry's approval of the merger.