SAIL to pump in Rs 8,017 cr to revive Iisco

SAIL has embarked on a plan to invest Rs 8,017 crore for revival of the ailing Indian Iron and Steel Company (Iisco) as part of merger of the two PSUs, the West Bengal Assembly was informed today.

Replying to a question in the house, Industrial Reconstruction Minister Nirupam Sen said  merger of the two PSUs was undertaken following an initiative by the state government. Allocation for the revival was sanctioned through SAIL's corporate plan 2005-2012.

The merger of Iisco with SAIL would help the steel giant procure raw materials internally and this, in particular, would help its Burnpur plant's  for in modernisation and capacity growth programmes.

The minister said the West Bengal government had agreed to extend SAIL a concession of Rs 450 crore to facilitate modernisation of the ailing PSU in the state.