The Hindu Business Line : SAIL-Posco working group formed

Kolkata, Sept. 8 A joint working group comprising four members each from SAIL and Posco of Korea has been formed to look into the broad co-operation agreement entered into between the public sector steel giant and the Korean steel major.

This was stated here on Saturday by the Chairman and Managing Director of SAIL, Mr S.K. Roongta, while speaking to newspersons on the sidelines of the 34th National Management Convention being held under the aegis of the All India Management Association and the Asian Association of Management Organisations.

It may be recalled that SAIL had entered into a strategic alliance with Posco of Korea on August 16 this year for co-operation in the purchase of raw materials and sharing of the marketing network in India.

In the deal

The memorandum of understanding that was signed envisaged the sharing of information and corporate strategy, planning, sharing of know-how pertaining to the development of mines, joint use of existing marketing and warehousing networks, and co-ordination in the procurement of raw materials, among other things.

The joint working group will also look into issues such as training of personnel and sharing of resources, he said.

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