The much delayed plans of the country’s largest steel maker SAIL to set up a Rs 5,000-crore joint venture with ArcelorMittal seem to be coming to fruition. All hurdles in the formation of a joint venture (JV) between the steel giants have been removed and a final agreement in this regard may be signed next month, Union Steel Minister Chaudhury Birendra Singh said on Sunday.
“A feasibility report on the new JV has been prepared and all pre-requisites formalities have been achieved. The final draft of the agreement is ready and it may be signed as early as next month,” Singh told IANS in an email interview.
As per an earlier Economic Times report which quoted an official speaking on the issue, both companies had differences on certain points under the Memorandum of Understanding, and so, it was decided to extend it for another three months from the deadline of May 31, 2017. Read More…
Credit By : IB Times