Revival of Tungabhadra Steel Products Ltd approved

New Delhi, June 2 (UNI) The government today approved in principle the revival of the Tungabhadra Steel Products Ltd (TSPL) through a joint venture with a strategic partner in private sector with 74 per cent shareholding and management control, or through disinvestment in favour of private parties.

An enabling legislation will be brought forth to cover such possibility in line with the advice of the Law Ministry as TSPL is a government company.

''In case the attempt of joint venture does not succeed, then the company will be shut down,'' Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters after the Union Cabinet meeting that approved the proposal.

The Cabinet also approved opening up of a voluntary retirement scheme in TRSPL to make the company more acceptable to the prospective joint venture partner with a lower workforce.

UNI YJ MA HS2010