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Steel Authority of India Ltd (SAIL) has signed an agreement with the Indonesian government for development of mineral deposits and setting up of a steel plant.
The MoU, which also includes the setting up of a mineral processing facility and required infrastructure in the province of Central Kalimantan, Indonesia, was signed between SAIL Chairman, Mr C.S. Verma, and the Governor of Central Kalimantan, Indonesia, Mr Agustin Teras Narang. The President of Indonesia, Mr Susilo Bambang Yudhoyono, was also present, besides the Minister of Commerce and Industry, Mr Anand Sharma, and the Minister of State for External Affairs, Mr E. Ahamed.
The agreement envisages optimisation of large natural resources of Central Kalimantan, such as coking and thermal coal, iron ore and other minerals to meet the needs of the promoter companies of International Coal Ventures.
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