Govt to hold auction to identify buyers for 3 SAIL units

Government will hold auction to identify strategic buyers for SAIL subsidiaries -- Bhadrawati, Salem and Durgapur.

SAIL, the state-owned steel giant, today said the government has in-principle approved strategic disinvestment of Bhadrawati, Salem and Durgapur (alloy steel plants).

"Government of India, Ministry of Steel, has communicated the 'in-principle' approval of the Cabinet Committee on Economic Affairs (CCEA) of the Government of India for strategic disinvestment of the Bhadrawati, Salem and Durgapur (alloy steel plant)," SAIL said in a regulatory filing.

It further said: "Disinvestment of these units shall be to strategic buyer(s) to be identified through two-stage auction process as recommended by the Core Group of Secretaries on Disinvestment.