Sail shortlists two firms

Sail shortlists two firms

NEW DELHI, JULY 6: Steel Authority of India (SAIL), has shortlisted two companies, Avesta Sheffield of the UK and the Tata Steel-Usinor combine as possible joint venture partners for the Salem steel plant.

The two shortlisted companies have fulfilled the necessary pre-qualification criteria, according to a press release. The financial advisors will now begin the due diligence exercise jointly with the two bidders. The proposal of Jindal Strips, which had also communicated an expression of interest, is under consideration by SAIL's financial advisors, who have sought some clarification from the company. A decision regarding Jindal Strips will be taken only after the clarification is received.

The fourth bidder, Shah Alloys, has not qualified and has hence not been shortlisted, the release adds. As part of its current asset manufacturing programme, SAIL is looking for a strategic alliance partner for the Salem steel plant.