The government has decided to give a push to its strategic disinvestment plan within the current fiscal year itself by clearing sale of 100% stake in three special steel producing units of Steel Authority of India Ltd. (SAIL), including Salem Steel and Alloy Steel Plant.
Sources said that the Prime Minister’s Office has accorded its approval to the sale and Department of Investment and Public Asset Management (DIPAM) will now start the process of appointment of transaction advisors to conclude the deal quickly.
All these units of the steel giant have been consistently making losses and sale has been considered the best option. Companies like JSW Steel, Vedanta, Tata Steel, ArcelorMittal have been in a look-out for new assets.
The government wants to conclude the deal for SAIL units at the earliest so the fund mobilized from the deal helps it in reaching closer to disinvestment target of Rs 80,000 crore for FY19. So far, the disinvestment proceeds have reached closer to Rs 50,000-crore mark.
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