The Board of Rathi Steel and Power has decided to hive off the facilities in Odisha and Ghaziabad.

The company has said in a regulatory filing that “The Board at its meeting held on June 9, 2016, inter alia, has considered and approved the demerger/or hiving of both the Ghaziabad and Orissa Units of the Company on slump sale basis to unlock the value and to arrive at long term viability solutions.”

It further said that this will be subject to requisite approval by stakeholders including lenders and all concerned statutory authorities.

“Further, Board has also approved the resignation of Rathi from the CEO of the company with effect from May 17, 2016.”

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