July 27, 2010: State-owned KIOCL Ltd, an exporter of iron ore pellets, is all set to acquire Hospet-based Tungabhadra Steel Products Ltd (TSPL), a sick PSU engaged in the business of structural fabrication, for an estimated cost of Rs 150 crore. The chairman and managing director, KIOCL, K Ranganath, said, "The department of heavy industries, government of India, has approached us for acquisition of TSPL which has a liability of Rs 245 crore. We have conducted the due diligence and informed the ministry that we are ready to buy out the company provided the balance sheet of the company is cleaned up." He said, acquisition of TSPL would be in favour of KIOCL as the company is looking for a presence in north Karnataka. Source: Business Standard