The Hindu : Business : Three steel PSEs join hands

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Friday, Apr 27, 2007
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Three steel PSEs join hands

Special Correspondent

To put up four million tonne plant in Chattisgarh

COMBINING FORCES: S. K. Roongta, Chairman, Steel Authority of India Ltd. (centre), Y. Siva Sagar Rao, Chairman-cum-Managing Director, Rashtriya Ispat Nigam Ltd. (right), and B. Ramesh Kumar, Chairman-cum-Managing Director, National Mineral Development Corporation Ltd. (left) signing an agreement in Hyderabad on Thursday.

NEW DELHI: The chief executives of three public sector enterprises (PSEs) under the Ministry of Steel on Thursday took the initiative for joint production of steel.

At a meeting in Hyderabad between the three chairmen — S. K. Roongta of Steel Authority of India Limited (SAIL), Y. Siva Sagar Rao of Rashtriya Ispat Nigam Limited (RINL), and B. Ramesh of National Mineral Development Corporation Limited (NMDC) — it was agreed that the three PSEs would enter into a strategic business relationship. To start with, a joint venture company is to be formed for setting up an integrated iron and steel plant with an annual capacity of four million tonnes in Chhattisgarh and later proceed to other States.

Towards this end, the PSU chiefs decided to enter into a memorandum of understanding within 60 days of obtaining the necessary clearances.

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