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SAIL says board approved JV with ArcelorMittal for automotive steel

SAIL and ArcelorMittal had entered into an MoU in May 2015 to explore the possibility of setting up an auto-grade steel manufacturing facility under a joint venture in India

Press Trust of India  |  New Delhi 

SAIL
Photo: Reuters

Domestic steel giant today said its board has approved the proposal to enter into a joint venture with the world's largest steelmaker for manufacturing high-end "The Board of in its meeting held on December 12, 2017, has approved the proposal for signing of a legally non- binding term sheet with S.

A for entering into a JV for Business," Steel Authority of India Ltd (SAIL) said. However, definitive agreements in this regard will be finalised in due course subject to financial viability, the PSU said in a filing to the BSE. and had entered into an MoU in May 2015 to explore the possibility of setting up an auto-grade steel manufacturing facility under a joint venture in India. Steel Minister Chaudhary Birender Singh last week had said that the JV was likely soon and the proposed Rs 15,000- crore auto-grade steel plant project with a capacity of 1.5 million tonne per annum could be scaled up to 2.5 MT. Singh had said that has the technology and they are keen to have a JV with The minister has said that in the next 3-4 years, India would be a hub for car manufacturing and that it is estimated that the country would manufacture about 28 per cent of the total cars manufactured in the world.

First Published: Wed, December 13 2017. 17:55 IST
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