Bhubaneswar: There is no progress in the proposed acquisition of Odisha government Controlled IDCOL’s two sick units i.e. IDCOL Kalinga Iron Works (IKIWL) and IDCOL Ferro Chrome Alloys (IFCAL) by SAIL. The state government have started talks with few other Central government PSU’s.
“ We have kept our options open and are talking to some other central government PSUs for the stake sale. However, there is no progress in the talks with SAIL” said Mr Vishal Dev, CMD IDCOL.
Last year SAIL had signed an MoU with IDCOL and had taken an initiative to evaluate the assets of the plant and subsequently prepared an investment plan aimed at better utilization of land and resources of both IFCAL and IKIWL. It was decided that SAIL was to acquire 100% stake of IKIWL and 51% stake of IFCAL.
However, even after one year of the MoU, no significant progress has been seen in the plan owing to the conditions imposed by SAIL. The public sector steel major has demanded that Odisha government should bear the salary expenses of all the employees of the two units for the next 3 years and transfer of the land free of cost.
SAIL also wants chrome ore from the Odisha government at Rs. 2000 per tonne (whereas the current market price of high grade +54 friable chrome ore is around Rs 12-13000 per tonne).
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