Two units of SAIL in losses despite Rs 2,600 crore investment: Government

NEW DELHI: The two units of state-run SAIL, VISP and SSP, are running in losses for the last few years in spite of an investment of around Rs 2,600 crore, Parliament was informed today.

"Despite an investment of around Rs 400 crore, VISP (Visveswaraya Iron and Steel Plant) is making losses for last 10 years," Minister of State for Steel Vishnu Deo Sai said in a written reply to Rajya Sabha.

Similarly, despite an investment of around Rs 2,200 crore under modernisation and expansion, SSP (Salem Steel Plant) is making losses for last five years, Sai said.

The government had accorded 'in-principle' approval for strategic disinvestment of SSP, Tamil Nadu, VISP, Bhadravati and Alloy Steel Plant (ASP), Durgapur.

In another reply, the minister said that a major modernisation and expansion programme has been carried out simultaneously at all the five major plants of Steel Authority of India Ltd (SAIL), including Bhilai.

He said that till February Rs 64,986 crore has been incurred by SAIL towards modernisation and expansion among others.