In October, 2016, the government accorded ‘in-principle’ approval for strategic disinvestment of these three units.
The entire process of strategic disinvestment is being overseen by an InterMinisterial Group (IMG) constituted by the Ministry of Steel and chaired by the Secretary, Steel.
SAIL board, after giving ‘in-principle’ approval for the disinvestment, appointed SBI Capital to assist in the process.
Upon receipt of approval of the government for issue of Preliminary Information Memorandum (PIM) and Expression of Interest request (EoI) in February, 2018 from the ministry, public notice for inviting EoI for ASP, Durgapur was issued.
“Since, the EoIs received in response to the above were not meeting the specified eligibility criteria, the process has been annulled. Fresh process in this regard has been initiated and revised PIM/EoI requests of ASP, VISP and SSP have been issued,” SAIL has disclosed in its annual report.
SAIL operates and owns five integrated steel plants at Bhilai, Durgapur, Bokaro, Rourkela and Burnpur and three special steel plants at Salem, Durgapur and Bhadravati.
Another Unit, Chandrapur Ferro-Alloy Plant (CFP) produces Ferroalloys. It also has SAIL Refractory Unit (SRU) at Bokaro, with four refractory manufacturing units in Jharkhand and Chhattishgarh.
Changes in Bid documents
SAIL has subsequently brought in some following modifications in the bid documents for Salem Steel Plant.
The consortium members are now permitted to change the shareholding ratio among the consortium members in the consortium, subject to the lead member continuing to hold at least 26 percent equity shareholding and other consortium members continuing to hold at least 20 percent equity shareholding in the Consortium SPV for a minimum period of five years from the date of closing under the definitive agreements.
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Steel's Net Zero mission
The country’s commitment to achieving Net Zero within a targeted timeframe will now propel its steel sector towards a sustainable future in line with global trends.
Fuel Price Hike, Supply Chain Disruption Hurt Festive Sales
Supply chain disruptions and fuel price hikes have hurt festive sales in a big way as most auto majors posted decline in sales in October.
Seaborne coking coal offers remain range-bound
Seaborne coking coal offers moved in a narrow range in October amid global supply tightness and healthy spot demand.
Global crude steel output down 8% in September
China manufactured 74 mt in September, fall of 21% y-o-y while India’s production went up by 7% to 10 mt.
MOIL embarks on expansion projects
“Even though our country is blessed with manganese ore reserves, we import 50% of the domestic requirement. We have to lower our import dependence and save precious foreign exchange.” Ram Chandra Prasad Singh, Steel Minister
Iron ore handled by major ports down 17% in H1
The 12 major Indian ports handled 27 mt of iron-ore during H1 of 2021, down by 17% from 33 mt recorded for the corresponding period of previous year.
Shrinking China output to boost India exports
“In the third quarter of 2021, the company actively responded to the pressure from external policies, such as production curtailment and dual control system on energy consumption and intensity, as well as coal resource shortage and surging prices.” Baoshan Iron and Steel Co Ltd
Indian Railways' iron-ore handling up 25% in H1
Indian Railways in April-September of 2021 (H1) transported 84 mt of iron ore, up by 25% over 67 mt during April-September 2020.
September crude steel production up 7.2% y-o-y
India’s crude steel production in September 2021 grew 7.2 percent to 9.547 million tons (mt) over September 2020 but was down by 3.2 percent from August 2021 output, provisional steel ministry data showed.
“Five enablers: way forward to sustainable cleaner steel”
Right and scalable technology, appropriate policy guidance by government, access to finance to fund transition, willingness of customers to pay for cleaner products and infrastructure for use of new technologies are the need of the hour for the sustainable and cleaner steel industry, according to Madhulika Sharma, Chief Corporate Sustainability, Tata Steel.
