SAIL sell off papers to reach Cabinet within four weeks

NEW DELHI: The steel ministry has put the disinvestment process of Steel Authority of India (SAIL) on the fast track by seeking Cabinet approval for sale of 20% share in the state-owned steel maker by mid-January next year.

 “The disinvestment proposal of SAIL will be moved to the Cabinet in three to four weeks. We are in the process of finalising a Cabinet note on the matter,” steel secretary Atul Chaturvedi told reporters on the sidelines of the FICCI steel summit on Thursday.

He said the draft proposal, after being approved by the steel ministry, has now been sent to different ministries for comments. “The public offer may be launched at the opportune time. Though we would like to complete it this year, the processes and clearances are likely to push it to next financial year,” Mr Chaturvedi told ET.