ALSO READSAIL, ArcelorMittal JV steel plant's site to be finalised in 3 months ArcelorMittal agrees on concessions to seal Rs 5,800-cr JV with SAIL Rs 5,000-cr SAIL-ArcelorMittal JV may be finalised this month: Govt Differences ironed out, Rs 5,000 cr SAIL-ArcelorMittal JV may take off soon Steel minister says he hopes Sail, ArcelorMittal resolve JV issues by May
Based on the outcome of the joint study, it said, definitive agreements for setting up the joint venture (JV) company will be put in place. The team consists of representatives from both the companies.
In line with the Make in India programme, SAIL and ArcelorMittal in May 2015 had entered into a pact to explore the possibility of setting up an automotive steel manufacturing facility under a JV in the country.
The proposed JV will construct a state-of-the-art cold rolling mill and other downstream finishing facilities in India that will offer technologically advanced steel products to India's rapidly growing automotive sector, the annual report said.
A meeting was subsequently convened where both were asked to finalise their JV agreement, according to an official.
The government had earlier said the proposed auto-grade steel plant would be set up close to an automobile hub.