SAIL to sell stakes in three units via auction

Last Updated: Tue, Nov 29, 2016 20:02 hrs
A man paddles his rickshaw pasts an advertisement of SAIL at a street in New Delhi

MUMBAI (Reuters) - State-run Steel Authority of India Ltd (SAIL) has received approval 'in principle' from the government to sell stakes in three units, the company said in a statement on Tuesday.

The company will be selling stakes in the Bhadrawati, Salem and Durgapur steel plants through a two-stage auction process to strategic buyers, the statement said.

SAIL is India's biggest state-owned steel company.

(Reporting by Promit Mukherjee; Editing by Mark Potter)

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