SAIL-IISCO merger on cards

Steel Authority of India (SAIL) has sought the centre's approval to merge its ailing subsidiary - IISCO - with itself.

"We have sent the proposal to the ministry of steel. There are a few concerns like extension of mining lease. Once these are addressed, we should be getting the nod," SAIL chairman V S Jain said.

The investment plan of Rs 340 crore, worked out by SAIL to revive IISCO, may also undergo a change after the merger of the two entities, he said, adding IISCO has also turned around and is making profits.