Government likely scraps strategic sale of SAIL’s Bhadravati Steel Plant

Due to a lack of interest from bidders, the government decided to abandon the privatisation of SAIL’s Bhadravathi steel plant on Wednesday.

The Department of Investment and Public Asset Management (DIPAM) in a statement said the strategic sale of SAIL’s Visvesvaraya Iron and Steel Plant (VISP), Bhadravathi in Karnataka, had received multiple EoIs and bidders also conducted due diligence.

“However, due to insufficient bidder interest in proceeding further with the transaction, Government of India, with the approval of Alternative Mechanism (Empowered Group of Ministers) has decided to annul the EoI and thereby terminating the present transaction,” DIPAM said.

This is the second instance when the government withdrew the strategic stake sale offer due to insufficient bidder interest.

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