Two SAIL units in the red despite fund infusion by govt
DSIJ Intelligence / 29 Mar 2017
Two units of the government-owned Steel Authority of India Ltd SAIL (SAIL), namely, Visveswaraya Iron and Steel Plant (VISP) and Salem Steel Plant (SSP), have been making heavy losses, despite fund infusion by the government to the tune of Rs 2,600 crore.
Two units of the government-owned Steel Authority of India Ltd SAIL (SAIL), namely, Visveswaraya Iron and Steel Plant (VISP) and Salem Steel Plant (SSP), have been making heavy losses, despite fund infusion by the government to the tune of Rs 2,600 crore.
Minister of State for Steel, Vishnu Deo Sai, said that VISP is running into huge losses since last 10 years, even after an investment of about Rs 400 crore.SAIL's second unit SSP is also making losses for the last five years. The government had given ‘in-principle’ consent for strategic disinvestment of SSP, Tamil Nadu, VISP, Bhadravati and Alloy Steel Plant (ASP), Durgapur.
A big development and expansion programme has been proceeding at all the five major units of Steel Authority of India, including Bhilai. SAIL has spent around Rs 64,986 crore till February 2017 for modernisation and expansion of its units.
On the NSE, the stock of SAIL closed at Rs 61.40, up by 1.91
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