SAIL gets nod for ven­ture with ArcelorMit­tal

India Business Journal - - NEWS ROUND-UP -


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.

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