The Cabinet Committee on Economic Affairs (CCEA), in its meeting held on 27.10.2016, had accorded in-principle approval for Strategic Disinvestment, inter-alia, of Salem Steel Plant (SSP), Salem - a Unit of Steel Authority of India Limited (SAIL). Expression of Interest (Eol) was floated on 04.07.2019 and multiple Eols have been received. The transaction is still active and at present, in Stage-II level.

The consent of State Government of Tamil Nadu for strategic disinvestment of Salem Steel Plant has not been sought.

Legitimate concerns of the existing employees and other stakeholders including trade unions are suitably addressed during the disinvestment process.

This information was given by the Union Minister of State for Steel and Rural Development, Shri Faggan Singh Kulaste, in a written reply in the Lok Sabha today.

 

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AL/AKN

 

(Release ID: 1911835)