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SAIL board to approve $1-bn JV with ArcelorMittal next week: Sources

The venture agreement was extended multiple times, and the last extension lapsed on November 30

Reuters  |  New Delhi 

State-owned Steel Authority of India Ltd (SAIL) is set to approve a long-proposed $1 billion joint venture with ArcelorMittal at its board meeting next week, three sources with direct knowledge of the matter told Reuters. The decision to approve the deal was reached after talks between ArcelorMittal's billionaire Chairman Lakshmi Mittal, India's Steel Secretary Aruna Sharma and SAIL Chairman P.K. Singh at a meeting last week in New Delhi. The much-delayed collaboration to make automotive-grade steel is nearing realisation after legal teams from SAIL and ArcelorMittal ...

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First Published: Thu, December 07 2017. 17:13 IST