The Hindu Business Line : SAIL, Posco ink pact to share marketing network

New Delhi, Aug. 16 SAIL and Posco have entered into a strategic partnership to co-operate in the area of purchasing raw materials and sharing marketing network in India.

“The two companies have signed a memorandum of understanding (MoU) to forge a strategic alliance for co-operating in wide-ranging businesses and commercial areas,” SAIL said in a release on Thursday.

According to the MoU, the companies would co-operate in information sharing and corporate strategy planning, sharing knowhow in development of mines, joint usage of each other’s existing marketing and warehousing network and co-ordination in procuring raw materials such as coking coal and ferro alloys.

The release added that subject to further discussions, both companies would also co-operate in areas relating to joint R&D projects and any other projects to be mutually agreed upon.

“The strategic alliance is a significant step toward synergising strengths while retaining identities in the rapidly consolidating global steel industry,” it said.

The companies would establish a joint co-ordination group within two weeks to monitor, guide and review the implementation process of the MoU, which will be effective for three years initially.

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