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  • JUNE 7, 1999

Iisco modernisation plan likely to be revived

Tyazpromexport (TPE) - a Russian company has submitted a proposal for the revival of the ailing Indian Iron and Steel Company (Iisco). The Rs 20 bn modernisation plan of the company had earlier run into rough weather as the Russian Government, broiled in its own fiscal problems, had failed to respond positively to TPE as an equity partner in the revival package. The ailing steel company runs up losses of Rs 4 bn annually. Experts feel that the modernisation plan has to be approved and implemented quickly if the company is to be spared the axe.

Under the terms of the new proposal, TPE will bear 48% of the cost of modernisation. Also, it has agreed to initiate the process with an initial investment of Rs 8 bn.

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