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  • Annulment of EoI-SD of VISP-a Unit of SAIL

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    The Department of Investment and Public Asset Management announced the annulment of the Expression of Interest for the strategic disinvestment of Visvesvaraya Iron and Steel Plant in Bhadravathi, Karnataka, which is a unit of Steel Authority of India Limited. While the Cabinet Committee on Economic Affairs had previously approved the in-principle strategic disinvestment, the global Expression of Interest from July 2019 failed to generate sufficient bidder interest to proceed with the transaction. As a result, the Government of India has decided to terminate the present transaction by annulling the Expression of Interest.

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    The Department of Investment and Public Asset Management announced the annulment of the Expression of Interest for the strategic disinvestment of Visvesvaraya Iron and Steel Plant in Bhadravathi, Karnataka, which is a unit of Steel Authority of India Limited. While the Cabinet Committee on Economic Affairs had previously approved the in-principle strategic disinvestment, the global Expression of Interest from July 2019 failed to generate sufficient bidder interest to proceed with the transaction. As a result, the Government of India has decided to terminate the present transaction by annulling the Expression of Interest.

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    Annulment of EoI-SD of VISP-a Unit of SAIL

    Uploaded by

    Jack Son
    The Department of Investment and Public Asset Management announced the annulment of the Expression of Interest for the strategic disinvestment of Visvesvaraya Iron and Steel Plant in Bhadravathi, Karnataka, which is a unit of Steel Authority of India Limited. While the Cabinet Committee on Economic Affairs had previously approved the in-principle strategic disinvestment, the global Expression of Interest from July 2019 failed to generate sufficient bidder interest to proceed with the transaction. As a result, the Government of India has decided to terminate the present transaction by annulling the Expression of Interest.

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    © All Rights Reserved
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    GOVERNMENT OF INDIA

    MINISTRY OF FINANCE
    DEPARTMENT OF INVESTMENT AND PUBLIC ASSET MANAGEMENT
    (DIPAM)

    Dated the 12th October, 2022

    Subject: Strategic Disinvestment of Visvesvaraya Iron and Steel Plant (VISP),


    Bhadravathi - a Unit of SAIL - Annulment of Expression of Interest
    (EoI).

    The Cabinet Committee on Economic Affairs (CCEA) had accorded ‘in-


    principle’ approval for strategic disinvestment of Visvesvaraya Iron & Steel Plant
    (VISP), Bhadravathi – A Unit of SAIL.

    2. As a part of strategic disinvestment process, Global Expression of Interest


    (EoI) was invited on 04.07.2019 by SAIL for strategic disinvestment of VISP,
    Bhadaravathi (Karnataka).

    3. Multiple EoIs 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.

    *****

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