Sail, Posco to ink JV

Jul 17, 2010 |

Correspondent

State-owned Sail on Thursday said it is likely to ink an agreement with South Korean steel major Posco by October this year to jointly set up plants in the country at an investment of Rs 15,000 crore. A framework agreement for the joint venture will be signed next month. “Both Sail and Posco teams are working on it. A joint venture deal could be signed in the next three months,” Sail chairman, Mr C. S. Verma, said on the sidelines of 23rd meeting of National Steel Consumers’ Council. Sail and Posco have already inked an MoU for developing steel plants. An integrated 1.5 million tonnes per annum steel plant is proposed to be developed at Bokaro, at an investment of Rs 11,000 crore.

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