Core panel formed to revamp Iisco

NEW DELHI, Dec 29: The Union Cabinet on Monday set up a four-member core committee to assess the Union steel ministry’s proposal to rehabilitate the ailing Indian Iron and Steel Company Limited (Iisco) with Steel Development Fund (SDF) kitty.

The four-member panel will comprise Prime Minister Inder Kumar Gujral, Union finance minister P Chidambaram, Union steel and mines minister Birendra Prasad Baishya and Union minister for agriculture Chaturanan Mishra. The new Iisco rehabilitation scheme, that is an alternative to involving the private sector in the project, was discussed by the Union Cabinet, after Baishya raised the long-pending issue. Sources said the committee was now authorised to take a stand on the revised Iisco revival scheme, which need not be referred back to the Cabinet again. Rajya Sabha member of Parliament Jibon Roy divulged that WB Chief Minister Jyoti Basu had discussed the plight of SAIL subsidiary with the PM a couple days ago.