PATNA: The Centre is mulling a proposal to relax the existing rules to help facilitate public sector giant Steel Authority Of India Limited (SAIL) to join the race for takeover of foreign steel companies like Mittals and Tatas, according to Steel minister Ramvilas Paswan.
“The existing rules put certain limitations on SAIL when it comes to buying foreign companies. But we will be amending and relaxing the rules to enable the public sector giant make offshore bids,” Paswan said while speaking on the occasion of the district dealers’ conference here on 3 February, 2006.
Paswan said that buoyed by the profit of Rs14,000 crore earned by SAIL, the Centre was planning to invest rupees one lakh crore by 2020 for its expansion.
The Steel Minister clearly ruled out any proposal to sell the company to Arcellor-Mittal. “SAIL is doing exceedingly fine,” he said.