New Delhi: The government on Thursday accorded in-principle approval to the merger of Maharashtra Elektrosmelt (MEL) with Steel Authority of India Limited (SAIL) in its effort to strengthen the domestic steel industry.
"After due deliberations with the management of SAIL and MEL, we have decided to give in-principle approval to the merger of SAIL with MEL to strengthen the steel industry," Steel Minister Ram Vilas Paswan said.
The Minister is expected to make a formal announcement later this month or early next month when he visits MEL at Chandrapur.
Voicing his approval to the proposed merger SAIL Chairman V S Jain said formal clearance of the merger will be sought at the next meeting of SAIL Board.
Earlier on Thursday morning, Paswan met the executives and union leaders of MEL and gave them a patient hearing in which every speaker implored the Steel Ministry to merge the PSU with SAIL.
Giving his in-principle approval on merger of MEL with SAIL, Paswan said the issue of merger of Manganese Ore India Limited (MOIL) with SAIL would take some more time as the Das Committee has recommended that MOIL be allowed to remain an independent entity.
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