New Delhi,22 May:The Union Cabinet today gave its approval for merger of M/s. SIIL, Hyderabad in M/s. NMDC, Hyderabad ( both PSEs under the Ministry of Steel) through acquisition of shares of SIIL by NMDC in the public interest.
This will ensure in-house supply of desired quality & quantity of iron ore (raw material) of SIIL’s sponge iron plant at Paloncha in District Khamman (Andhra Pradesh) and also to implement the proposed Sponge Iron Plant Expansion Project at Paloncha by utilizing surplus land and manpower of SIIL and financial resources available with NMDC.Merger of SIIL with NMDC will be carried out within a period of 6 months.