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... Approves SAIL arm Salem Steel Plant’s ‘strategic disinvestment’

 PTI |  2016-11-29 22:47:34.0  |  New Delhi

Government has in-principle approved strategic disinvestment of loss-making subsidiary of India’s largest steelmaker SAIL, Salem Steel Plant (SSP), Parliament was informed on Monday.

SSP, a special steel unit of state-run SAIL, pioneered the supply of wider width stainless steel sheets and coils in the country.

“The government has accordedin-principl approval of strategic disinvestment of SSP in Salem district of Tamil Nadu,” Minister of State for Steel Vishnu Deo Sai said in a written reply to the Lok Sabha. SSP is a loss-making unit of Maharatna firm SAIL, he added.

“It has been consistently making losses for the last 5 years despite investment of around Rs 2,200 crore by SAIL under the modernisation and expansion project of SSP,” the minister said.

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