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Our Bureau

New Delhi, April 25 The merger of Bharat Refractories Ltd (BRL) with Steel Authority of India Ltd (SAIL) was approved by the Union Cabinet here on Thursday.

The merger will follow cleaning up of the books of Bharat Refractories that would include waivers on loan (Rs 145 crore) and interest (Rs 40.91 crore), set off losses (Rs 203.73 crore) as well as fresh fund infusion, the Information and Broadcasting Minister, Mr Priya Ranjan Dasmunsi, told reporters after the meeting.

Bharat Refractories, which manufactures refractory bricks used in making blast furnace walls, will be transferred to SAIL at a token value of Re 1, he said.

The merger will be with retrospective effect from April 1, 2007, he said. The Cabinet also approved the introduction of Mines & Minerals (Development & Regulation) Amendment Bill 2008, in Parliament. The Bill proposes to introduce auctioning of coal blocks for captive use of through competitive commercial bidding process.

More Stories on : Mergers & Acquisitions | Steel | Steel Authority of India Ltd

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SAIL to hold prices at pre-raw material surcharge levels

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