Steel giant SAIL is planning to buy a 51 per cent stake in Odisha government-run pig iron producer IDCOL Kalinga Iron Works, Parliament was informed today.
"IDCOL has submitted a proposal to SAIL offering 51 per cent of its share to SAIL. This proposal is presently under consideration of SAIL," Minister of State for Steel Vishnu Deo Sai said in written reply to Rajya Sabha.
IDCOL Kalinga Iron Works Ltd (IKIWL), erstwhile Kalinga Iron Works, is a wholly-owned subsidiary of the Industrial Development Corporation of Orissa Ltd (IDCOL), which is a Odisha government undertaking.
The plant is situated in the midst of richest iron ore and manganese ore deposits in Keonjhar district of Odisha, within the municipal area of Barbil.
IKIWL is producing foundry grade pig iron with installed capacity of 1.80 lakh tonnes having four low shaft blast furnace and is supplemented with the Captive Power Plant of 16 MW capacity.
It also manufactures cast iron pipes with an installed capacity of 31,200 tonnes per annum.