IISCO will be amalgamated with Steel Authority of India (SAIL) as a going concern, together with all its properties, assets, rights, benefits and interest, subject to existing charges thereon in favour of banks and financial institutions.According to a release issued by SAIL to the BSE today, all debt, liabilities, duties and obligations, secured or unsecured, will be treated as debt, liabilities, duties and obligations of SAIL."Since no shares are being issued pursuant to the scheme, the capital structure of the company shall remain the same," the release added.IISCO has iron ore mines at Chiria in Jharkhand, which is the second largest in the world with an estimated reserve of over 1,000 million tonne with iron content of over 62%."Its strategic location will be an advantageous iron ore source for the company's steel plants. IISCO has collieries at Chasnalla, Jitpur and Ramnagore. Due to the upsurge in the steel market, prices of coking coal and iron ore have increased manifold, and the company will, in the long run, benefit by securing high quality coal and iron ore from IISCO mines," the release said.
