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SAIL-IISCO merger on cards

January 27, 2005 17:34 IST

After the revival of its ailing subsidiary IISCO, Steel Authority of India Ltd has sought the Centre's approval to merge it with itself.

"We have sent the proposal to the ministry of steel. There are a few concerns like extension of mining lease. Once these are addressed, we should be getting the nod," SAIL chairman V S Jain said.

The investment plan of Rs 340 crore (Rs 3.4 billion), worked out by SAIL to revive IISCO, may also undergo a change after the merger of the two entities, he said adding IISCO has also turned around and is making profits.

Asked when would the proposal go to the Cabinet, Jain said once it is cleared by the ministry, it would be placed before the Cabinet.

He said all its subsidiaries except Alloy Steel Plant have been making profits. ASP's losses have also come down substantially to Rs 10 crore (Rs 100 million) during the third quarter of 2004-05.
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