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| Bengal govt to ask SAIL to Join hands with pvt sector |
| Press Trust of India / Kolkata Nov 23, 2008, 17:26 IST |
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With the domestic steel industry going through a rough patch on slowing demand, the West Bengal government would ask the steel major Steel Authority of India (SAIL) to join hands with the private sector units in the state to boost their capacity.
"SAIL Chairman is coming and I will ask him why can't you invest in the private sector in joint sector mode?" state Finance Minister Asim Dasgupta said here last evening.
For the doemstic steel industry, which is witnessing slackening demand, this is the right time to invest, Dasgupta said, adding that tying up with the private sector units could prove win-win for both the parties.
"SAIL is flushed with funds and this is perhaps the right time to invest. By joining hands with the small private sector units here, it could increase its capacity as well as help private sector units to become stronger," Dasgupta said.
SAIL has already decided to merge the West Bengal government-owned National Iron and Steel Company (NISCO) with itself. The company has plans to use the Belur-based firm to manufacture finished products from the semi-finished steel made from its Durgapur facility.
With a turnover of Rs 45,555 crore, SAIL is among the top five highest profit earning corporates of the country.
The PSU has already embarked on a capacity expansion plan to increase its saleable steel production to 23.13 million tonnes per annum (mtpa) by 2010 from 13 mtpa in 2007-08.
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