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Task force finalising business model for SAIL-ArcelorMittal JV

SAIL, ArcelorMittal in 2015 entered into a pact to set up a facility to automotive steel manufacture

Press Trust of India  |  New Delhi 

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A joint task force of and is in the process of finalising a business model for the proposed

"Joint task force of and is working on feasibility study, location of unit and business model for the alliance," Authority of (SAIL) said in its annual report 2016-17.

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

In line with the Make in programme, and in May 2015 had entered into a pact to explore the possibility of setting up an automotive manufacturing facility under a in the country.

The proposed will construct a state-of-the-art cold rolling mill and other downstream finishing facilities in that will offer technologically advanced products to India's rapidly growing automotive sector, the annual report said.

SAIL had earlier sought help from the Niti Aayog to resolve differences with ArcelorMittal over the setting up of a Rs 5,000-crore steel plant.

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.

First Published: Sun, August 27 2017. 15:02 IST