New Delhi, Oct. 6
STEEL Authority of India Ltd (SAIL) has initiated the first step to merge its subsidiary - Indian Iron and Steel Company (IISCO) - with itself.
SAIL has moved the Ministry of Company Affairs to effect the transfer of assets owned by IISCO in its own name.
SAIL officials said that the merger would give SAIL access to IISCO's iron ore and coal mines and large infrastructure facilities. Earlier, when SAIL bought iron ore from IISCO, it had to pay sales tax because IISCO was a separate company. After the merger, the mines would be directly owned by SAIL and so the issue of tax will not arise.
SAIL's board would meet in the last week of this month to consider the first quarter results, the officials said.