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SAIL invites bids for outright sale of Alloy Steels Plant

Press Trust of India  |  New Delhi 

State-run SAIL today invited bids from companies for strategic sale of its at

The government had last year cleared outright sale of state-owned SAIL's three special steel units -- Salem Steel Plant, and Visvesvaraya Iron and Steel Plant.

Bids for in are to be submitted by April 11, 2018.

"(ASP) of SAIL is proposed for strategic divestment and the company has appointed SBI Capital Markets Ltd (SBICAP) as its to advice and manage the process," the said in a stock exchange filing.

The bidding process is to implemented through open competitive bidding route, it said.

As part of the strategic disinvestment, Alloy Steels Plant will be transferred to the strategic investor, on a going concern basis, which is by way of slump sale through business transfer agreement.

"The strategic investor will be appointed through a competitive bidding process, which shall be handled by the and its functionaries including, but not limited to, SAIL and Ministry of Steel," said the preliminary information memorandum for inviting bids.

The total capacity of the Alloy Steels Plant is 2.46 lakh MT per annum of and 1.84 lakh MT per annum of

Ltd (SAIL) has five integrated steel plants, a ferro-alloys plant and three special steel plants.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 13 2018. 21:50 IST