Govt to initiate closure of SAIL's steel unit in Bhadravathi: MoS Finance

The government has decided to shut SAIL's loss- making Visveswaraya Iron & Steel Plant (VISP) at Bhadravathi in Karnataka, Parliament was informed on Monday.

SAIL
Press Trust of India New Delhi
1 min read Last Updated : Feb 13 2023 | 5:46 PM IST

The government has decided to shut SAIL's loss- making Visveswaraya Iron & Steel Plant (VISP) at Bhadravathi in Karnataka, Parliament was informed on Monday.

The government had originally planned for privatising VISP and had invited Expression of Interest (EoI) for selling SAIL's 100 per cent stake in the unit in July 2019.

However, in October last year, the government decided to scrap the strategic disinvestment plans of VISP due to low bidder interest.

In reply to a question in the Lok Sabha, Minister of State for Finance Bhagwat Karad said the shortlisted bidders had expressed inability to participate in the sale process of VISP.

"On account of old machinery, sub-optimal size, continuous losses and shutdown of blast furnace for a long time, it has been decided to initiate the process for closure of this unit," Karad said.

The Cabinet had in October 2016 cleared strategic disinvestment of SAIL's 100 per cent stake in VISP.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :SAILSteel Authority of Indiaheavy industry ministry

First Published: Feb 13 2023 | 5:46 PM IST

Next Story