SAIL, RINL, NMDC JOIN HANDS

Search News

THREE leading steel sector players — SAIL, RINL and National Mineral Development Corp — have teamed up to set up a 4 million tonne steel plant in Chhattisgarh. This is also the first time in over two decades that state owned companies have decided to invest in a greenfield steel plant. On a rough estimate basis, the proposed venture is likely to cost around Rs 15,000 crore.

The decision was firmed up at a meeting in Hyderabad between the chairmen of the three companies - S K Roongta of SAIL, Y Siva Sagar Rao of RINL and B Ramesh Kumar of NMDC. The partners will form a joint venture company to undertake the project. Within the next 60 days, the three partners will enter into a MoU after obtaining necessary clearances, RINL and SAIL said. RINL chairman-cum-MD Y Siva Sagar Rao said from Hyderabad: “We have formed a strategic partnership. Each one of us is likely to take up an equal equity stake of about 33% in the venture. We will, however, work out the details of the financial structure subsequently in an MoU.”

Find Lawyer / Law Firm

Extradition Law in India

Every time an offender stealthily leaves India to take refuge in another country, the Government of India starts all over again with its strategy of bringing him back to the nation to make him stan More

Legal Consultation - Consult over phone, chat or send questions

Helplinelaw can set up your session with quality and experienced lawyers to discuss and resolve your legal matters. You can avail consultation in form of sending questions, phone call or webchat discussion  More