SAIL cancels Jammu SPU project

Steel Authority of India (SAIL) has abandoned its plans to set up a steel processing unit (SPU) in Jammu and Kashmir because of concerns about its financial viability.SAIL had undertaken a fresh financial review of the project on account of the changed market scenario and the viability of the project without the concessions, and benefits from the J&K Government have turned out to be uneconomical. The decision of implementation of the project is dependent on the improved market scenario, availability of various concessions and benefits from the state and improvement of the social environment in the region.Contact: SAIL.Tel: 011-2436 7481. Fax: 011-2436 7015.E-mail:sailco@vsnl.comWebsite: www.sail.co.in