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New Delhi , March 24

THE Government expects the merger of Indian Iron and Steel Company (IISCO) with Steel Authority of India Ltd by December. This was stated by the Minister for Steel, Chemicals and Fertilisers, Mr Ram Vilas Paswan, in the Lok Sabha on Thursday. He said that he would be sending the formal merger proposal for Cabinet approval within the next six months. Once the Cabinet approves the proposal, "we will be able to complete the merger within six months thereafter or by December," Mr Paswan said.

The Minister said that the issue of merger had been pending for a long time and since SAIL was earning a profit and it was continuing to do so, the two companies can have complementary strengths.

"We found the proposal of merger of IISCO with SAIL acceptable and I spoke to West Bengal Chief Minister and SAIL Chairman and it hardly took any time to decide the issue," he said. "The merger option would provide an opportunity for technological upgradation of IISCO. On merger, IISCO's available raw material resources can be optimally used by both IISCO and SAIL. "With SAIL's financial and managerial capabilities and availability of potentials with IISCO like mines/collieries, large infrastructural facilities, there would be greater synergy for capacity expansion," he said.

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