India’s steel ministry is working on a $1.76 billion revival plan for the ailing Visvesvaraya Iron and Steel Limited (VISL), a subsidiary of government-run Steel Authority of India Limited (SAIL), government sources said on Monday, December 23.
The VISL steel mill located in the southern state of Karnataka has various finishing facilities such as mills and a forge shop in operation, with semi-finished steel supplied by sister plants/units of SAIL as per requirements. It produced 13,000 mt of saleable steel in 2023-24.
Previously, the Indian government had floated expression of interest notices seeking private investment aiming to privatise VISL but, despite several extensions, no private investments were forthcoming for the revival of the mill, the sources said.