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SAIL plans to buy steel companies abroad: Paswan
Sunday, 04 February 2007, 18:30 IST
Patna: Steel Authority of India Ltd (SAIL) is planning on a joint venture with steel companies in abroad as well as within the country. Ram Vilas Paswan, Minister of Steel, added that they also plan in increasing their productivity.
At the SAIL dealer's conference, Paswan said that his ministry had initiated moves to help SAIL go in for foreign bids. He admitted that the existing rules did put certain limitations on SAIL but there are plans to amend the rules and this will require cabinet approval.
Paswan hinted that a SAIL team might go abroad to study the potential of buying steel companies. He, however, refused to disclose the name of the company and country concerned. He also ruled out the rumours on Laxmi Mittal's interest in buying SAIL.
"SAIL is a huge public sector company and its assets are unmatched. It is making profit ... how can we will sell it?" said Paswan.
SAIL is eyeing expansion within the country as well. It has decided to take over sick public sector units like the Indian Iron and Steel Co (IISCO), Bharat Refractories Ltd (BRL) and Neelachal Ispat Nigam Ltd (NINL). The public sector firm would invest a massive 
1 trillion for expanding its capacity to 40 million tonnes by 2020. It currently has a production capacity of 14.6 million tonnes.
Moreover, the minister said that SAIL would adopt at least 10 villages across India and develop them as model villages. They will be known as "Steel Villages" to mark their development with the help of steel.
The villages would be identified near steel plants, iron ore mines or steel processing units. "The main aim is to provide basic amenities to the villagers," he said.
Source: IANS
1 trillion for expanding its capacity to 40 million tonnes by 2020. It currently has a production capacity of 14.6 million tonnes.
Moreover, the minister said that SAIL would adopt at least 10 villages across India and develop them as model villages. They will be known as "Steel Villages" to mark their development with the help of steel.
The villages would be identified near steel plants, iron ore mines or steel processing units. "The main aim is to provide basic amenities to the villagers," he said.
Source: IANS