Earlier, when the government
invited EoI, VISL Workers Association opposed this and urged the government to
stop the move and revive the plant
The Centre on Wednesday scrapped the privatisation of Visvesvaraya
Iron & Steel Plant Limited (VISL), Bhadravathi, due to insufficient bidder
interest.
"Multiple Expression of Interests (EoI) had been received and
qualified bidders had 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," the Department of Investment and Public Asset Management
(DIPAM) in a statement said.
The Cabinet had in October 2016 cleared strategic disinvestment of
SAIL's 100 per cent stake in Visvesvaraya Iron & Steel Plant Limited
(VISL), Bhadravathi – A Unit of SAIL.
Following that, the Expression of Interest (EoI) from bidders was
invited in July 2019, said the statement.
Earlier, when the government invited EoI, VISL Workers Association
opposed this and urged the government to stop the move and revive the
plant.