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India shelves plan for strategic sale of SAIL's Durgapur Alloy Steels Plant

Steel News - Published on Fri, 15 Feb 2019

Image Source: Anandabazar Patrika
ET reported that the Indian government has shelved plans for strategic sale of Steel Authority of India Limited’s Alloy Steels Plant at Durgapur in West Bengal. The Department of Investment and Public Asset Management said "The process of strategic disinvestment of 100 per cent stake in Alloy Steels Plant at Durgapur by Steel Authority of India Ltd has been annulled.”

SAIL had invited an expression of interest from global and domestic companies for its proposed strategic disinvestment of its Alloy Steels Plant.This was after the government's clearance for outright sale of state-owned SAIL's three special steel units, Salem Steel Plant, Alloy Steels Plant and Visvesvaraya Iron and Steel Plant, in 2017.

As part of the strategic disinvestment, Alloy Steels Plant was planned to be transferred to the strategic investor on a going-concern basis by way of slump sale through business transfer agreement.

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Posted By : Ratan Singh on Fri, 15 Feb 2019
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