SAIL members okay move to undertake material related transactions with JVs

Shareholders of SAIL have passed a resolution to authorise its board to undertake 'material-related party transactions' up to Rs 9,000 crore with NTPC-SAIL Power Company, an exchange filing said Thursday.

NTPC-SAIL Power Company is a joint venture between power generation company NTPC and steel maker SAIL.

The resolution was passed by the members of the company at its 52 Annual General Meeting (AGM) in the national capital.

The resolution was passed "to authorise the board to carry out the material related party transactions with NTPC-SAIL Power Company for an aggregate value of up to Rs 9,000 crore from April 1, till the AGM to be held in FY26," SAIL said in the filing.

Another resolution was passed to authorise the board to carry out material related party transactions with Bokaro Power Supply Company for an aggregate value of up to Rs 4,500 crore from April 1, 2024 till FY26.

Bokaro Power Supply Company is a joint venture between DVC and SAIL.

The shareholders also passed a resolution to authorise the board to carry out material related party transactions with Minas De Banga Limitada (Mozambique) for an aggregate value of up to Rs 6,000 crore from April 1, 2024 till FY 2025-26.

Addressing the shareholders, SAIL Chairman Amarendu Prakash said during FY24, SAIL produced record 19.24 MT crude steel and 18.44 MT saleable steel, registering a year-on-year growth of 5.2 per cent and 6.9 per cent, respectively over the previous year.

"The company also achieved the best sales turnover of Rs 1,04,545 crore during FY24. SAIL is on track to excel in two focus areas which are to maximise capacity utilisation and provide best value to customers.