Thursday, April 26, 2007

SAIL's joint venture for steel plant

State-owned Steel Authority of India Ltd.(SAIL) said on Thursday it is exploring setting up a 4 million tonne integrated steel plant in a joint venture with Rashtriya Ispat Nigam Ltd. and National Mineral Development Corp.

It said a memorandum of understanding for the proposed plant in the eastern state of Chhattisgarh would be signed after receiving necessary approvals.Ahead of the news, shares in SAIL eased 0.04 percent to 134.05 rupees in a slightly firmer Mumbai market.

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