The loss-making Steel Authority of India Ltd (SAIL) has decided to close down its fertiliser unit at Rourkela after failing to find a buyer.
The company would offer voluntary retirement scheme (VRS) to the employees of the fertiliser unit and dispose of the assets.
Two bidders, Rashtriya Chemicals and Fertiliser (RCF) Ltd and Deepak Fertiliser and Petrochemical Company, had evinced interest in taking over the unit.
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RCF later withdrew while the other bidder had raised the issue of land lease and sought more time.