Centre approves strategic divestment of three loss-making Sail units

Five other plants to undergo major modernisation and expansion

The central government has approved strategic disinvestment of three loss-making units of Steel Authority of India Limited (Sail) — Visveswaraya Iron and Steel Plant, Bhadravati, Salem Steel Plant and Alloy Steels Plant, a Sail subsidiary based in Durgapur.  

“The entire process of the strategic disinvestment would be carried out with the help of a transaction advisor, a legal advisor and an asset valuer, the process of appointment of which has already begun,” an official statement said. Despite investment of around Rs 400 crore, Visveswaraya is making losses for the past 10 years. Similarly, despite investment of around Rs 2,200