Financial Daily from THE HINDU group of publications
Friday, Oct 07, 2005


News
Features
Stocks
Port Info
Archives
Google

Group Sites

Corporate - Mergers & Acquisitions


SAIL moves Ministry on IISCO merger

Our Bureau

New Delhi , Oct. 6

STEEL Authority of India Ltd (SAIL) has initiated the first step to merge its subsidiary - Indian Iron and Steel Company (IISCO) - with itself.

SAIL has moved the Ministry of Company Affairs to effect the transfer of assets owned by IISCO in its own name.

SAIL officials said that the merger would give SAIL access to IISCO's iron ore and coal mines and large infrastructure facilities. Earlier, when SAIL bought iron ore from IISCO, it had to pay sales tax because IISCO was a separate company. After the merger, the mines would be directly owned by SAIL and so the issue of tax will not arise.

SAIL's board would meet in the last week of this month to consider the first quarter results, the officials said.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Share Infoline Tata Safari Dicor

Stories in this Section
ONGC extends loan to OAO Rosneft for Sakhalin-1 project


Adlabs strikes deal with Ram Gopal Varma
Haldia to host investors' meeting on Nov 10
DLF to invest Rs 600 cr in IT park, township
Sai Rayalaseema Paper to restart operations
Shree Renuka Sugars keen to expand into coastal States
Control Risks sets up India operations
European nod for Aurobindo's antibiotic drug
GAIL pays Rs 194-cr dividend
Himatsingka GDR issue
Who funds Indian industry, why it matters
In the interest of filling corporate coffers
Small car project spells changes to Toyota structure
ONGC against hiving off OVL
IOC plans to bid for Kenyan-Uganda pipeline project
ITL to sell over 40% stake to three players
SAIL moves Ministry on IISCO merger
Powercap plans to shift to larger factory
Greenply to make global foray with new subsidiary
JSPL, Orissa to sign new MoU
`Derived synergies present big opportunity for Videocon'
Madras Cements donation to AP Relief Fund
GAIL to set up diagnostic centres in AP soon
Raasi Refractories plans rights


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line