SAIL gets nod for venture with ArcelorMittal
board of directors of domestic steel company
SAIL has approved a proposal for entering into a joint venture with ArcelorMittal for setting up an automotive steel-making unit in India. In a filing with the BSE, SAIL, India's largest steel manufacturer, has informed that its board, which met last month, has approved the proposal for signing a legally non-binding term sheet with
ArcelorMittal for entering into a joint venture for the proposed automotive steel business. SAIL has also informed that a definitive agreement will be finalised in due course, subject to financial viability.