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New Delhi, May 22 The Union Cabinet on Thursday gave its approval for the merger of public sector enterprise Sponge Iron India Ltd (SIIL) with National Mineral Development Corporation (NMDC), Hyderabad, through acquisition of SIIL shares by NMDC. Merger of SIIL with NMDC will be carried out within 6 months.

Briefing media persons after the Cabinet meeting, the Finance Minister, Mr P. Chidambaram, said, “This will ensure in-house supply of desired quality and quantity of iron ore (raw material) from SIIL’s sponge iron plant at Paloncha in Andhra Pradesh’s Khamman district, and also help implement the proposed Sponge Iron plant expansion project at Paloncha by utilising surplus land and manpower of SIIL and financial resources available with NMDC.”

In another decision, The Cabinet Committee on Economic Affairs also gave its “in principle” approval to the outlay of Rs 10,328.20 crore for infrastructure development of the central universities, and management and technical institutions to implement OBC reservation.

More Stories on : Mergers & Acquisitions | PSU | Minerals | Steel

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