Mumbai: State-run Steel Authority of India Ltd (SAIL) on 1 June said it will set up a steel plant in Chhattisgarh in joint venture with equity participation with two companies.
The company informed the Bombay Stock Exchange that the board of directors has given ‘in principle´ approval for setting up the steel plant with an initial capacity of four million tonnes per annum in joint venture with Rashtriya Ispat Nigam Limited (RINL) and National Mineral Development Corporation (MNDC).
“Necessary activities for finalising the Memorandum of Understanding with the joint venture partners are being initiated,” the company said.
The board also reiterated that action required for setting up of a green field plant in Jharkhand linked to iron ore lease may be taken by the company, it added.
Shares of the company closed at Rs 138.60, down 1.07% on the Bombay Stock Exchange.