SAIL to close two subsidiary companies

New Delhi, September 1 () State steel maker Steel Authority of India Ltd (SAIL) is closing two of its subsidiaries located in Uttar Pradesh and Jharkhand.

SAIL has initiated actions for the closure/exit of certain joint venture companies, as well as subsidiaries that do not work or do not work. The closing action for two subsidiary companies, namely SAIL Jagdishpur Power Plant Limited and SAIL Sindri Projects Limited under Fast Track Exit The mode is in progress, the company said in a report.

The two subsidiary companies have submitted a request for closure under the Quick Exit Mode in accordance with the provisions of Section 248 (2) of the Companies Act, 2013 and Rule 4 (1) of the Companies (Elimination of Company Names Companies of the Companies Registry). ) Rules, 2016.

However, SAIL did not provide any financial details of these units.

SAIL Jagdishpur Power Plant Limited, incorporated for the installation of a gas-based power plant in Jagdishpur and SAIL Sindri Projects Limited, incorporated for the reactivation of the Sindri unit of Fertilizer Corporation of India Limited, have not taken off and are in the process of being closing.

The closure of SAIL Jagdishpur Power Plant Limited and SAIL Sindri Projects Limited through the Fast Track exit mode has been submitted to the Ministry of Corporate Affairs, the report said.

Another subsidiary of SAIL, IISCO-Ujjain Pipe and Foundry Company Limited, Kolkata is already in liquidation.

SAIL also has two other subsidiaries: SAIL Refractory Company Limited in Salem in Tamil Nadu and Chhattisgarh Mega Steel Limited in Bhilai in Chhattisgarh.

SAIL, under the Ministry of Steel, is the largest steel company in the country with an annual capacity of more than 21 million tons per year (MTPA). As of March 31, 2019, the company had loans of Rs 45,170 million. ABI ABM