SAIL close two subsidiaries in India

SAIL to close two subsidiaries in India

6:41 AM, 4th September 2019
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NEW DELHI, INDIA: State-run steel maker Steel Authority of India Ltd (SAIL) is shutting down two of its subsidiaries located in Uttar Pradesh and Jharkhand, India.

"SAIL has initiated actions for closure/exit from certain JV companies as well as subsidiaries which are either non-performing or non-operational. The closure action for two subsidiary companies viz SAIL Jagdishpur Power Plant Limited and SAIL Sindri Projects Limited under Fast Track Exit Mode is in progress," the company said a report.

Another SAIL subsidiary IISCO-Ujjain Pipe and Foundry Company Limited, Kolkata is already under liquidation.

SAIL also has two other subsidiaries -- SAIL Refractory Company Limited at Salem in Tamil Nadu and Chhattisgarh Mega Steel Limited at Bhilai in Chhattisgarh.

SAIL, under the Ministry of Steel, is the country's largest steel making company with an annual capacity of over 21 million tonnes per annum (MTPA).

Source: PTI

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