Govt approves disinvestment of SAIL subsidiaries

Three units of SAIL namely Visveswaraya Iron and Steel Plant (VISP), Bhadravati, Salem Steel Plant (SSP), Tamil Nadu and Alloy Steel Plant (ASP), Durgapur have been consistently making losses

GN Bureau | March 30, 2017


#Vishnu Deo Sai   #PSU   #SAIL  


The government has accorded in-principle approval for strategic disinvestment of three units of Steel Authority of India Limited (SAIL), a Maharatna PSU, namely Visveswaraya Iron and Steel Plant (VISP), Bhadravati, Salem Steel Plant (SSP), Tamil Nadu and Alloy Steel Plant (ASP), Durgapur. 
 
The above mentioned units of SAIL have been consistently making losses, a PIB release said. The strategic disinvestment would be carried out with the help of a transaction adviser, a legal adviser and an asset valuer. 
 
Minister of state, ministry of steel Vishnu Deo Sai informed Rajya Sabha recently about the development.
 
Alloy Steel Plant (ASP), Durgapur has been consistently making losses for last five years. Despite investment of around Rs 400 crores, VISP is making losses for last 10 years. Similarly, despite investment of around Rs 2,200 crore under modernisation and expansion, SSP is making losses for last five years.
 
A major modernisation and expansion programme has been carried out simultaneously at all the five major plants -- Bhilai, Bokaro, Rourkela, Durgapur and Burnpur and special steel plant at Salem. The Expansion Plan, besides capacity enhancement from 12.8 Mtpa to 21.4 Mtpa of crude steel, adequately addresses the need of SAIL plants towards eliminating technological obsolescence leading to improvement in operational efficiency.
 

Comments

 

Other News

Aero India 2019 kicks off in Bengaluru

Five day long Aero India -2019 organised by Hindustan Aeronautics Limited (HAL) was inaugurated at Air Force Station, Yelahanka, Bengaluru on Wednesday.   The French origin Rafale fighter jets are also participating in the event.   Asia’ largest

BHEL builds India’s first regenerative 5,000 HP electric locomotive

In a major technological breakthrough, BHEL has developed the country’s first such regenerative 5,000 horse power (HP) WAG-7 electric locomotive with a modern regeneration system for Indian Railways.   The electric loco was flagged-off by member traction, railway board, Gha

Prime Minister dedicates Rs 33,000 crore projects in Begusarai

Prime Minister Narendra Modi dedicated a host of developmental projects at Ulao airport in Begusarai, Bihar. Modi said these projects will fuel the progress of Bihar and the eastern states. He said that Bihar had the potential to play a pivotal role in driving the growth of the country. “The

IOCL finalises term contract for import of US crude oil grades

IndianOil Corporation has finalised a term contract for import of up to three MMT (million metric tonnes) of crude oil of US origin grades to diversify term crude sources in 2019-20 fiscal. The enterprise has finalised the contact on February 15, 2019.   The value of the cont

For a healthy tomorrow

When Dr Shruti Kamdi (pictured on left), a transfusion specialist at a leading Mumbai hospital, had her first child, she struggled to nurse her baby as she was unable to secrete enough milk. Admitted to a private hospital, she was put on medication to increase breast milk. But that didn’t help much.

Reinvigorating reinsurance

After the liberalisation of the insurance industry in 2000, private firms (mostly in partnerships with foreign firms) have readily taken to the sector. Till FY18 there were 23 private firms in the life insurance sector and 21 in general insurance segment. However, it was only in 2016-17 that the first priv

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter