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The Union Cabinet today authorized the Ministry of Steel to permit Steel Authority of India Limited (SAIL) to initiate the process of merger of Indian Iron and Steel Company (IISCO) with SAIL after taking approval of the Board of Industrial & Financial Reconstruction (BIFR).
This will ensure availability of high quality iron ore to SAIL’s steel plants. With SAIL’s financial and managerial capabilities and IISCO’s potentials like mines, collieries, large infrastructural facilities and good work culture, there would be greater synergy for capacity expansion and technological upgradation of the plant. SAIL Board and IISCO Board have already given in-principle approval for merger of IISCO with SAIL.
YSR/DS/HS/LV
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