Post News Network
Bhubaneswar, August 29
: As part of the disinvestment and restructuring drive, Industrial Development Corporation of Orissa Ltd (IDCOL) is in talks with central PSU, Steel Authority of India Ltd (SAIL) for complete sell out of its subsidiary-IDCOL Kalinga Iron Works Ltd, the annual report of IDCOL said.
“As per the decision of the government, discussion was going on with Steel Authority of India Ltd for joint venture or sale of IDCOL Kalinga Iron Works Ltd (IKIWL) and IDCOL Ferrochrome and Alloys Ltd (IFCAL),” the report said.
SAIL had already submitted its offer for acquisition of 100 per cent stake in IKIWL and 51 per cent stake in IFCAL, it said adding that after consultation, SAIL has submitted its final revised offer with additional conditions.
“The offer is under examination and the matter would be reported to the government for taking necessary action,” the report added.
Earlier, Union Minister of State for Steel said in a written reply to Parliament that SAIL is interested to buy 51 per cent stake in Orissa-based pig iron producer Kalinga Iron Works Ltd. “IDCOL has submitted a proposal to SAIL offering 51 percent of its share to SAIL. This proposal is presently under consideration of SAIL,” Minister of State for Steel Vishnu Deo Sai said in written reply to Rajya Sabha.
Referring to another subsidiary, Konarak Jute Ltd (KJL), the annual report said that the takeover of Konarak Jute Ltd is pending in the Orissa High Court in favour of Bhatia OSL Washeries and Minerals Ltd. “The said party has already paid the bid amount, but has not yet paid further liabilities accruing after September 30, 2010 as per the bid conditions. The corporation has requested the party to clear the said dues so that the High Court will consider to pass the necessary orders for takeover of KJL,” the report noted.
In the meantime, 202 regular and 217 badli workers have availed voluntary retirement from the services of Konarak Jute Ltd, it added.
