Govt considers SIIL-SAIL merger
The government is considering merging of Hyderabad-based Sponge Iron India Ltd (SIIL) with SAIL whose profit dipped almost 85 per cent in the previous fiscal.
By PTI |
NEW DELHI: The government is considering merging of Hyderabad-based Sponge Iron India Ltd (SIIL) with SAIL whose profit dipped almost 85 per cent in the previous fiscal.
The public sector unit had recorded a turnover of Rs 3.18 crore in 2005-06 as against Rs 20.33 crore in 2004-05, an official release said here on Friday.
Reviewing the quarterly performance of the company, Minister of State, Steel, Akhilesh Das advised the company to strive for value additions by exploring more and more mining sites and go for billet mining until it is merged with SAIL.
The merger, however, is subject to regulatory approvals, the release said.
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