The Union Cabinet has given a go-ahead for the closure of Tungabhadra Steel Products Limited (TSPL) and disposal of its immovable assets. It has also approved the plan for getting the name of the company struck off from the Registrar of Companies after setting balance liabilities of TSPL. It may be recalled that CCEA had approved the closure of the company in December 2015 after discharging all dues to employees/workers and creditors. The Cabinet approved the transfer of MMH Plants to Government of Karnataka along with 20,000 square meter land. Cabinet also approved selling 82.37 acres of land of the Company at Hospet to Karnataka Government for use of the Karnataka State Housing Board. The land is being sold to Karnataka Government at the rate of Rs. 66 lakh per acre offered by them. TSPL was established in the year 1960, with equal equity participation of Govts. of Mysore and Andhra Pradesh. Later Govt of India invested 79% of the shares and became a major shareholder, bringing the Company under the administrative control of Ministry of Heavy Industry, Government of India.