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Government to shut SAIL’s loss-making Visveswaraya Iron & Steel Plant

14 Feb 2023 Evaluate

The government has planned to shut Steel Authority of India’s (SAIL) loss- making Visveswaraya Iron & Steel Plant (VISP) at Bhadravathi in Karnataka. The government had originally planned for privatising VISP and had invited Expression of Interest (EoI) for selling SAIL's 100 per cent stake in the unit in July 2019.

However, in October last year, the government decided to scrap the strategic disinvestment plans of VISP due to low bidder interest. On account of old machinery, sub-optimal size, continuous losses and shutdown of blast furnace for a long time, it has been decided to initiate the process for closure of this unit.

SAIL is India’s largest steel producing company. The company is among the five Maharatnas of the country’s Central Public Sector Enterprises. The company has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.

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