SAIL in JV With ArcelorMittal Will Setup Rs 50-Bn Steel Plant

SAIL in JV With ArcelorMittal Will Setup Rs 50-Bn Steel Plant . Steel PSU SAIL in joint venture with ArcelorMittal plans to set up Rs 50-billion auto-grade steel plant for which three states are considered, one is Maharashtra, another one is in Gurajat and third is in Andhra (Pradesh).  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, , said Steel Minister Chaudhary Birender Singh on Monday.

SAIL in JV With ArcelorMittal Will Setup Rs 50-Bn Steel Plant
SAIL in JV With ArcelorMittal Will Setup Rs 50-Bn Steel Plant

The proposed auto steel plant would be put up in one of these three states. The plant   with a capacity of 1.5 million tonnes per annum (MTPA) will be scaled to 2.5 MTPAd.

A meeting was held about a month back which was attended by (Lakshmi Niwas) Mittal of ArcelorMittal and SAIL people. In that meeting both the parties agreed on one thing that the details will have to be worked out for finalisation of JV (joint venture), the minister said.

According to official sources, negotiations were still underway with regard to detailed technical agreements of the joint venture.

The PSU had also said that definitive agreements in that regard would be finalised in the due course subject to financial viability.

Last year in December, Domestic steel giant SAIL had announced that its board has approved a proposal to enter into a joint venture with the world’s largest steelmaker ArcelorMittal for manufacturing high-end automotive steel.

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