State-run SAIL today invited bids from companies for strategic sale of its Alloy Steels Plant at Durgapur.
The government had last year cleared outright sale of state-owned SAIL's three special steel units -- Salem Steel Plant, Alloy Steels Plant and Visvesvaraya Iron and Steel Plant.
"Alloys Steels Plant (ASP) of SAIL is proposed for strategic divestment and the company has appointed SBI Capital Markets Ltd (SBICAP) as its transaction advisor to advice and manage the process," the steel maker 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 Government of India and its functionaries including, but not limited to, SAIL and Ministry of Steel," said the preliminary information memorandum for inviting bids.
Steel Authority of India Ltd (SAIL) has five integrated steel plants, a ferro-alloys plant and three special steel plants.
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