India’s Cabinet Committee on Economic Affairs had accorded ’in-principle' approval for strategic disinvestment of Steel Authority Of India Limited’s Visvesvaraya Iron & Steel Plant at Bhadravathi in Karnataka. As a part of strategic disinvestment process Global Expression of Interest was invited on 4 July 2019 by SAIL for strategic disinvestment of VISP. Department of Investment and Public Asset Management announced “Multiple Eols had been received and qualified bidders had conducted due diligence. However, due to insufficient bidder interest in proceeding further with the transaction. Government of India, with the approval of Empowered Group of Ministers has decided to annul the Eol and thereby terminating the present transaction.”Visvesvaraya Iron & Steel Limited was founded by the Engineer Statesman of the erstwhile State of Mysore, Sir M Visvesvaraya as Mysore Iron & Steel Works in 1923, as a small pig iron unit and gradually matured into a modem steel complex. In 1989, pursuant to a Memorandum of Understanding executed between the Government of India, Government of Karnataka and SAIL, SAIL purchased the shares of VISL from the Government of India and the Government of Karnataka, such that VISL became a subsidiary of SAIL. In 1998, pursuant to an order passed by the Central Government the Visvesvaraya Iron and Steel Limited and Steel Authority of India were amalgamated into a single entity SAIL.Visvesvaraya Iron & Steel Limited is a pioneer in production of high quality alloy and special steels including carbon steels, free cutting steels, case hardening steels etc and pig iron. Steel is produced through Blast Furnace - Basic Oxygen Furnace - Ladle Refining Furnace - Vacuum Degassing route. The facilities include vacuum degassing, vacuum oxygen decarburization, ladle refining furnaces, ingot teeming, continuous casting, hydraulic-high-speed forging press, a fully automatic horizontal long forging machine with high programmable logic controller system for a semi-automatic and automatic mode of operation. VISP has an installed capacity of 216,000 tonnes per annum of hot metal and 98,280 tonnes per annum of saleable steels. The Visvesvaraya Iron and Steel plant is located at Bhadravati in Shimoga District of Karnataka, at a distance of about 240 km from Bangalore. The following map indicates the location of the plant.
India’s Cabinet Committee on Economic Affairs had accorded ’in-principle' approval for strategic disinvestment of Steel Authority Of India Limited’s Visvesvaraya Iron & Steel Plant at Bhadravathi in Karnataka. As a part of strategic disinvestment process Global Expression of Interest was invited on 4 July 2019 by SAIL for strategic disinvestment of VISP. Department of Investment and Public Asset Management announced “Multiple Eols had been received and qualified bidders had conducted due diligence. However, due to insufficient bidder interest in proceeding further with the transaction. Government of India, with the approval of Empowered Group of Ministers has decided to annul the Eol and thereby terminating the present transaction.”Visvesvaraya Iron & Steel Limited was founded by the Engineer Statesman of the erstwhile State of Mysore, Sir M Visvesvaraya as Mysore Iron & Steel Works in 1923, as a small pig iron unit and gradually matured into a modem steel complex. In 1989, pursuant to a Memorandum of Understanding executed between the Government of India, Government of Karnataka and SAIL, SAIL purchased the shares of VISL from the Government of India and the Government of Karnataka, such that VISL became a subsidiary of SAIL. In 1998, pursuant to an order passed by the Central Government the Visvesvaraya Iron and Steel Limited and Steel Authority of India were amalgamated into a single entity SAIL.Visvesvaraya Iron & Steel Limited is a pioneer in production of high quality alloy and special steels including carbon steels, free cutting steels, case hardening steels etc and pig iron. Steel is produced through Blast Furnace - Basic Oxygen Furnace - Ladle Refining Furnace - Vacuum Degassing route. The facilities include vacuum degassing, vacuum oxygen decarburization, ladle refining furnaces, ingot teeming, continuous casting, hydraulic-high-speed forging press, a fully automatic horizontal long forging machine with high programmable logic controller system for a semi-automatic and automatic mode of operation. VISP has an installed capacity of 216,000 tonnes per annum of hot metal and 98,280 tonnes per annum of saleable steels. The Visvesvaraya Iron and Steel plant is located at Bhadravati in Shimoga District of Karnataka, at a distance of about 240 km from Bangalore. The following map indicates the location of the plant.
