ArcelorMittal, the world's largest steel producer, said on Wednesday it has agreed to make concessions to Steel Authority of India on technology transfer to seal a delayed $897 million (Rs 5,800-crore) automotive joint venture. The two companies are close to ironing out key commercial terms to close the deal, including non-compete and exit clauses as well as finalising policy on arbitration, three sources with direct knowledge of the negotiations told Reuters. "In the interest of the strategic partnership, some concession from ArcelorMittal on technology has been ...
ArcelorMittal agrees on concessions to seal Rs 5,800-cr JV with SAIL
Deal had hit a roadblock over disagreement on revenue-sharing as well on technology transfer fees