The Hindu Business Line : Panel to study feasibility of steel, mining PSU mergers

THE Government is considering merger of three mining companies, namely Kudremukh Iron and Steel Company (KIOCL), Manganese Ore India Ltd (MOIL) and National Mineral Development Corporation. Another proposal is to merge Steel Authority of India Ltd, Maharashtra Electrosmelt Ltd and MOIL.

This was stated by the Minister for Steel Chemicals and Fertilisers, Mr Ram Vilas Paswan.

He said a committee, headed by former Steel Secretary Mr B.K. Das, has been constituted to study the feasibility of both the proposals and added that an earlier proposal to merge SAIL and Rastriya Ispat Nigam Ltd (RINL) stands scrapped as both RINL and the Andhra Pradesh Government has opposed the move.

He also said that it would take all possible steps to ensure that KIOCL keeps on functioning.

The Supreme Court had ordered that the company be closed by the end of this year due to environment reasons.

"We will appeal to the Supreme Court to reconsider its decision. In case, the court rejects the appeal, we will devise alternate ways to ensure the functioning of the company," he said.

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