Business Daily from THE HINDU group of publications
Friday, Apr 27, 2007
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Business Daily from THE HINDU group of publications Friday, Apr 27, 2007 ePaper |
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Corporate
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Alliances & Joint Ventures Industry & Economy - Steel
Our Bureau
The three public sector enterprises have agreed to enter into a strategic business relationship by forming a joint venture company for the purpose.
Hyderabad April 26 Steel Authority of India Ltd, National Mineral Development Corporation and Rashtriya Ispat Nigam Ltd have decided to pool their strengths and resources to set up a `greenfield' integrated iron and steel plant at Bailadila in Chhattisgarh State. In a crucial meeting at the NMDC office here today, the three public sector enterprises, under the Union Steel Ministry, agreed to enter into a strategic business relationship by forming a joint venture company for the purpose.
Necessary Clearances
The proposed integrated iron and steel plant would have a capacity of four million tonnes annually. The Hyderabad-headquartered NMDC already has licenced mines in Bailadila, which it can exploit through this initiative. According to an official press release issued here, the three companies also decided that they could take this process further to other States with the necessary resources as well. Towards this purpose, a memorandum of understanding will be entered into within 60 days after obtaining necessary clearances, on the basis of which they will take further steps in this direction. The cost of the project is estimated to be around Rs 15,000 crore. Since, NMDC has the necessary mines in Bailadila and the plant would be located near the pithead, the costs of the project would be considerably lower, Mr Y. SivaSagar Rao, Chairman and Managing Director of RINL, told Business Line. In the memorandum of discussions held today, Mr S.K. Roongta, Chairman-cum-Managing Director, SAIL; Mr Y. Siva Sagar Rao, Chairman-cum-Managing Director, RINL; and Mr B. Ramesh Kumar, Chairman-cum-Managing Director, NMDC, participated.
More Stories on : Alliances & Joint Ventures | Steel | Steel Authority of India Ltd
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