November 20, 2001
‘18’IISCO REVIVAL PACKAGE
The Steel Authority of India Ltd. (SAIL), the giant public sector undertaking of the Steel Ministry has submitted a Rs.1081 crore revival proposal to the Government for Indian Iron & Steel Company Ltd. (IISCO), Burnpur, West Bengal. This includes funds for Voluntary Retirement Scheme (VRS) and investment at Burnpur Works and its mines and collieries. It also includes provisions for meeting its cash losses. No decision has yet been taken in the matter.
However, the Board of Industrial and Financial Reconstruction (BIFR) has issued a show cause notice to wind up IISCO.
This information was given by the Minister for Steel Shri B.K.Tripathy in a written reply to the questions of Shri Prabodh Panda and Shri Kalava Srinivasulu in the Lok Sabha today.