State-owned Steel Authority India Ltd (SAIL) has initiated steps to takeover the ailing Steel Complex Ltd (SCL) owned by Kerala government here. SAIL had already conducted two rounds of discussions with company authorities and the state government in this regard. The takeover is expected to bring in an investment of around Rs.3.5 billion to the state.
"After the takeover, SAIL is expected to invest in SCL and ancillary units. It has plans to start small units that will help it meet demands from the Kerala market," said K. Sasikumar, managing director of SCL. A delegation from SAIL had visited SCL in the first week of Nov and assessed the facilities at the unit.
The SCL is currently producing steel billets, which are used by rolling mills to make iron bars used in construction.
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