Govt Approves Strategic Sale of Steel Authority Units

IAS Prelims 2023

The government of India has ‘in-principle’ decided for strategic disinvestment of ASP, SSP and VISP of Steel Authority of India Ltd with transfer of management control.

SAIL has now sought advisors, including legal and merchant bankers, to carry out the strategic sale along with transfer of management control in the three steel plants — Alloy Steels Plant (ASP), Salem Steel Plant (SSP) and Visvesvaraya Iron and Steel Plant (VISP).

The strategic sale of these three units is likely to happen only in the next financial year. The government has budgeted to raise ₹15,000 crore from strategic disinvestment in 2017-18.

Steel Authority of India Limited (SAIL) is one of the largest state-owned steel making company based in New Delhi, India and one of the top steel makers in world.

It is a public sector undertaking which trades publicly in the market is largely owned by Government of India and acts like an operating company. Incorporated on 24 January 1973, SAIL has 85,145 employees.

With an annual production of 13.9 million metric tons, SAIL is the 24th largest steel producer in the world.

P.K Singh is the current Chairman of SAIL.