Strategic disinvestment of Salem Steel Plant approved

The plant has been consistently making losses for the last five years despite an investment of Rs 2,200 crore by SAIL

GN Bureau | November 30, 2016


#Salem Steel Plant   #Strategic disinvestment   #maharatna   #SAIL   #PSU  

The government has given in principal approval of strategic disinvestment of Salem Steel Plant (SSP) – the loss-making subsidiary of the country’s biggest steelmaker Steel Authority of India Limited (SAIL). 

 
In a written reply to the Lok Sabha, minister of state for steel Vishnu Deo Sai said that SSP, a special steel unit of SAIL, pioneered the supply of wider width stainless steel sheets and coils in the country. “The government has accorded in-principle approval of strategic disinvestment of SSP in Salem district of Tamil Nadu. SSP is a loss-making unit of Maharatna firm SAIL”, the minister said.
 
“It has been consistently making losses for the last five years despite of pumping in investment of around Rs 2,200 crore by SAIL, under the modernisation and expansion project of SSP,” the minister said.
 
The Salem plant can produce austenitic, ferritic, martensitic and low-nickel stainless steel in the form of coils and sheets with an installed capacity of 70,000 tonne per annum in cold rolling mill as well as 3.64 lakh tonne a year in hot rolling mill.
 
 
 

Comments

 

Other News

‘Oral cancer deaths in India cause productivity loss of 0.18% GDP’

A first-of-its-kind study on the economic loss due to premature death from oral cancer in India by the Tata Memorial Centre has found that this form of cancer has a premature mortality rate of 75.6% (34 premature events / 45 total events) resulting in productivity loss of approximately $5.6 billion in 2022

Days of Reading: Upendra Baxi recalls works that shaped his youth

Of Law and Life Upendra Baxi in Conversation with Arvind Narrain, Lawrence Liang, Sitharamam Kakarala, and Sruti Chaganti Orient BlackSwan, Rs 2,310

Voting by tribal communities blossoms as ECI’s efforts bear fruit

The efforts made by the Election Commission of India (ECI), over last two years, for inclusion of Particularly Vulnerable Tribal Groups (PVTG) communities and other tribal groups in the electoral process have borne fruit with scenes of tribal groups in various states/UTs participating enthusiastically in t

GST revenue for April 2024 at a new high

The gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹2.10 lakh crore. This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%). After accounting for refunds, the net GST

First Magahi novel presents a glimpse of Bihar bureaucracy a century ago

Fool Bahadur By Jayanath Pati (Translated by Abhay K.) Penguin Modern Classics, 112 pages, Rs 250 “Bab

Are EVs empowering India`s Green Transition?

Against the backdrop of the $3.5 billion Production-Linked Incentive (PLI) scheme launched by the Government of India, sales of Electric Vehicles (EVs) are expected to grow at a CAGR of 35% by 2032. It is crucial to take into account the fact that 86% of EV sales in India were under the price bracket of $2

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter