REVIVAL OF IISCO
Steel Authority of
India Ltd. (SAIL) has submitted a rehabilitation proposal for
revival of Indian Iron & Steel Company (IISCO), Burnpur, West
Bengal to the Industrial Development Bank of India (IDBI). It
is based on Government's approval and direction of the Board for
Industrial and Financial Reconstruction (BIFR). IDBI has submitted
the proposal to BIFR to take a decision.
During the ninth
session of the Indo-Russian Working Group in Moscow in May 2003,
the matter regarding participation of M/s Tyazhpromexport (TPE)
of Russia in a joint venture for IISCO was discussed and it was
agreed that TPE will review and indicate the possibilities of
their participation in the proposed joint venture within two months
to the Government of Russian Federation.
Out of 2900 employees
at Kulti Works, 2866 have opted for VRS and around Rs. 144 crore
has been disbursed till June 2003 towards separation of 2543 employees
released so far.
This information
was given by the Minister for Steel Shri Braja Kishore Tripathy
in a written reply in the Lok Sabha today.
