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Wednesday, Sep 29, 2004

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SAIL, Kudremukh in pact

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KOLKATA: Steel Authority of India Ltd (SAIL) has signed a memorandum of understanding (MoU) with Kudremukh Iron Ore Co Ltd for forming a 50:50 joint venture company to develop iron ore mines at Barsua, Taldih and Kalta in Orissa.

According to a press release issued by SAIL, the joint venture company will synergise the experience and expertise of the two companies in mining operations. Mecon has been engaged to prepare the feasibility report and National Mining Development Corporation will undertake ore characterisation study.

In another development, the SAIL board of directors had agreed in principle for the merger of Indian Iron & Steel Co (IISCO) with SAIL.

"Steps for obtaining clearance and necessary approvals from the Government and appropriate authorities will be initiated shortly," the release stated.

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