Fi Panel To Work Out Revival Plan For 10 Private Steel Firms

In a desperate measure to arrest the increase in non-performing assets in the steel sector, financial institutions (FI) have decided to form a core inter-institutional committee in order to draft a revival plan for 10 ailing private sector steel companies.

The watch-list includes Essar Steel, Ispat Industries, Jindal Vijaynagar Steel (JVSL), Jindal Iron & Steel Co (Jisco), Malavika Steel, MidEast, Lloyds Steel, SJK Steel, Uttam Steel and Bellary Steel, senior officials said.

Almost all are in the red, saddled with high debts and consequent high interest charges, flat product prices and rising input costs.

Institutional sources told Business Standard: