MEL and BRL merge with SAIL

Patna, June 02 (UNI) Union Steel, Chemical and Fertilizer Minister Ram Vilas Paswan today announced merger of Maharashtra Electrosmelt Limited (MEL) and Bharat Refractories Limited (BRL) with Steel Authority of India Limited (SAIL).

Mr. Paswan told newspersons here that Nilanchal Ispat Nigam Limited (NINL) would be merged with the SAIL at a later stage. He said that another steel company Indian Iron and Steel Company (IISCO) had since become a member of SAIL since February this year.

An expert group headed by former Steel Secretary B.L. Das was formed to study viability of such types of merger proposals and the merger process was initiated on the basis of the group.

Union steel ministry would transform SAIL and Mineral and Metal Trading Corporation (MMTC) into mega companies,the minister said and indicated that more such mergers would follow to achieve the stated goal. While SAIL would try to reach its optimum capacity level in steel production,another company would dedicate services for augmention of mining of iron ore. He said the public sector steel factories had earned a profit of Rs 10,000 crore and SAILs profits itself went upto nearly Rs 6,000 crore during the last financial year.

UNI DH-BNG PL DB1657