SAIL to acquire ailing Malvika Steel tomorrow

摘要

Steel Authority of India Ltd (SAIL), a government of India enterprise and one of the largest profit-making public sector steel products manufacturing company in India, is set to take over the sick Malvika Steel on February 27. The 0.85-rnillion tonne steel plant, which has been engaged in the manufacture of finished rolled steel products and pig iron, located in Jagdishpur, Ut-tar Pradesh, was floated by Vinay Rai-controlled Usha Group in 1998, and has had a rough sailing so far. After running into financial trouble, the unit was handed over to the Board for Industrial and Financial Reconstruction (BIFR) and was then auctioned by the Debt Recovery Tribunal to Jaypee Associates at 207 crore rupees, which outbid SAIL's offer price.