Left assured of Iisco-Sail merger in 6 months

New Delhi, March 24 | Updated: Mar 25 2005, 05:30am hrs
The government has promised to look into the Left parties demand of expediting the merger of Indian Iron and Steel Company (Iisco) with Steel Authority of India (Sail).

A few days ago, Left leaders and MLAs from West Bengal had met Prime Minister Manmohan Singh on this issue, he had assured them that the government would look into the matter.

On Thursday, steel minister Ramvilas Paswan announced in the Lok Sabha that the merger would be competed within six months of approval by the Union Cabinet.

Mr Paswan told the House that the merger proposal had come to him in October and that he had looked into the matter and that he would send the proposal to the Cabinet in three months.

He also said that the merger should be completed within six months after that or by December.

Earlier, Mr Acharia had told mediapersons that the issue of the Iisco-Sail merger had been pending for a long time and despite assurances, the government had not dome anything about it. He said that the Left parties wanted a commitment from the government regarding the time frame of the merger.

He also said that Iisco had made a small profit in 2003-04 and was continuing to run profitably thereafter.

On the other hand, Sail has been posting strong profits and can be counted on to provide the muscle for the merger, thereby bringing an end to a decade of uncertainty for Iisco.