India News | Govt Scraps Privatisation of SAIL's Salem Steel Plant

New Delhi, Jan 3 (PTI) The government on Wednesday said it has decided not to go ahead with the privatisation of SAIL's Salem Steel Plant (SSP).

For strategic disinvestment of Tamil Nadu-based SSP, global Expressions of Interest (EoIs) were invited on July 4, 2019, by SAIL.

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"Multiple EoIs had been received and bidders were shortlisted. However, due to lack of interest of shortlisted bidders to proceed further with the transaction, Government of India, with the approval of Alternative Mechanism (Empowered Group of Ministers) has decided to annul the current EoI thereby terminating the present transaction," the Department of Investment and Public Asset Management (DIPAM) said on its website.

In 2018, the Cabinet Committee on Economic Affairs (CCEA) approved the strategic sale of three units of Steel Authority of India Ltd (SAIL) -- Alloys Steels Plant (ASP) in Durgapur, SSP in Tamil Nadu, and Visvesvaraya Iron and Steel Plant (VISP) in Bhadrwati, Karnataka.

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In 2019, the government called off the sale process of ASP, while in 2022, the strategic sale of VISP was terminated citing lack of interest from bidders.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)