REVIVAL OF IISCO
Government has approved
a revival package for Indian Iron & Steel Company (IISCO),
Burnpur, West Bengal which inter alia includes grants for financing
a Voluntary Retirement Scheme (VRS) in Kulti Works, which is to
be closed down. It has been decided to provide Government guarantees
to raise money for financing VRS in Burnpur Works, mines and collieries,
as well as for capital expenditure in these units. This is, however,
subject to the Government of West Bengal conveying its approval
to provide waiver of past dues and exemption from payment of sales
tax (without any monetary ceiling), electricity duty, royalty
and cess and municipal tax for the next five years.
As directed by BIFR
Steel Authority of India Ltd. (SAIL) has submitted a rehabilitation
proposal based on the above Government approvals, to the IDBI,
the Operating Agency for IISCO.
This information was
given by the Minister for Steel Shri B.K.Tripathy in a written
reply in the Lok Sabha today.
