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.