Three SAIL subsidiaries up for sale again

Thursday, 17 September 2020 12:12:39 (GMT+3)   |   Kolkata

Indian state-run steelmaker Steel Authority of India Limited’s (SAIL) companies Visvesvaraya Iron and Steel Plant (VISP), Alloy Steel Plant (ASP) and Salem Steel Plant (SSP) are back on the Indian government’s list of companies up for strategic sale, Indian junior finance minister Anurag Thakur has informed parliament.

The junior minister said that, based on the criteria laid down by the government policy advisory body, it has “in principle” approved strategic disinvestment in 34 cases since 2016 of which strategic disinvestments in eight cases have been completed, six central government undertakings are under consideration of closure and litigation, and the remaining 20 transactions are in various stages.

Among other companies, he said that strategic sales of SAIL’s ASP and SSP are under process.

Last year in July, the Department of Investment and Public Asset Management had floated a notice inviting bids for the 100 percent sale of the government stake in these three subsidiaries of SAIL and the notice was extended thrice due to a lack of response before being withdrawn.

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