SAIL to complete IISCO merger before 2006
India's state owned steelmaker Steel Authority of
India (
SAIL) is seeking approval from
India's Company Law Board's (CLB) to legally finalize its merger with Indian Iron and Steel Company (IISCO).
SAIL's chairman, V. S. Jain, announced that the merger should go through by the end of this year.
The IISCO merger will give
SAIL the ability to procure its raw materials internally, particularly for its Burnpur plant.
The merger will also help to revamp IISCO through various modernization projects.