Tuesday, September 21,
The Steel Ministry said on Monday that it is open to giving a majority stake to Posco in the proposed joint venture steel plant between Steel Authority of India Ltd (SAIL) and Posco.
“In principle we are not opposed to giving a majority stake to Posco in the joint venture for which we will be seeking a Cabinet approval in a couple of months,” said the Steel Minister, Mr Virbhadra Singh at the sidelines of the International Federation of Consulting Engineers summit here.
He added that an agreement between the two companies is expected to be reached in the next two-three months.
Earlier this year the two companies had signed an MOU with the intention of opening a 1.5-million-tonne-a-year steel plant expected to come up in SAIL’s Bokaro facility of worth around Rs 15,000 crore.
SAIL would benefit from Posco’s patented FINEX technology which uses Iron ore fines for steel making.
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