PSU NEWS
SAIL move to regain health
New Delhi. The government is considering a proposal to hive off Salem Steel Plant, Visvesvaraya Iron & Steel Plant and Alloy Steels Plant in Durgapur to make state-run SAIL`s balance sheet look more healthy.
The idea, mooted by NITI Aayog, is being seen as a way to improve the bottomline of the steel giant, which suffered a net loss of Rs 4,137 crore in 2015-16 against a net profit Rs 2,092 crore in the previous year. However, the proposal may meet a political dead-end despite being financially prudent.
A mere hive-off may not create any unrest, but any move to appoint merchant bankers to eventually sell the facilities could precipitate a crisis in the NDA government and put them on a collision course with the Congress in Karnataka and the ruling parties in Tamil Nadu and Bengal.
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