Tata Iron and Steel has initiated the process of reopening Indian Steel and Wire Products Limited or ISWP, which has been closed for the last five years. The newly-constituted board of ISWP, consisting mostly of Tisco officials, held its first meeting in Jamshedpur on Saturday and after its meeting the board, through its nominee members, took possession of all the assets and plant and machinery of the company. 

The formal handing over of the company by the old management to the new board of directors appointed by the Board for Industrial and Financial Reconstruction took place at Indranagar in Jamshedpur. The new board, constituted in pursuance to the BIFR order passed on December 18 consists of seven members of Tata Steel and one from Punjab National Bank and another from BIFR. Soon after the meeting, the board through its nominee members took possession of all the assets, movable and immovable, and the plant and machinery of the company. The supply of electricity was resumed within hours of the takeover. 

It is expected that the process of reopening the factory, which has been closed for the last five years, will be set in motion in a week's time and Tata Steel's revival package approved by the BIFR would start being implemented. Tata Steel managing director B. Muthuraman welcomed the culmination of the long battle fought by the steel company in the interest of justice and described the development as "the triumph of the good." 

Tata Steel had earlier come forward to help in the reopening of the company after BIFR appointed IDBI as the operating agency, which invited interested parties for offers for the rehabilitation of the company. ISWP, a relatively small but one of the oldest units in Jamshedpur was burdened by severe problems, mainly arising out of its legacy in the recent past. ISWP's product range included mild steel, low and high carbon steel, dual phase steel and electrode quality wire rods.

According to Tisco officials, while its revival scheme found widespread acceptance from all quarters, the erstwhile promoters tried their best to thwart the efforts. Ravi Inder Singh, the promoter of the unit had earlier failed to submit Rs 5 crores to BIFR in time to meet the November deadline specified by the Delhi high court prompting the BIFR bench to approve Tisco's bid.