SAIL mulls merger with two companies

Steel Authority of India Ltd said on Thursday it plans to merge Neelachal Ispat Nigam Ltd and Maharashtra Elektrosmlet Ltd with itself.

The company informed the Bombay Stock Exchange that it is contemplating the merger of its subsidiary MEL and Orissa-based NINL with itself.

SAIL is also considering acquisition of Kolkata-based National Iron and Steel Company Ltd, it said.

The merger would be subject to shareholders and government approvals, it added. The valuation of NINL shares or business is under process, it said.

Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group