SAIL, ArcelorMittal ink MoU to set up steel plant in India [ Current Affairs ]
World’s largest steelmaker, ArcelorMittal and SAIL Steel Authority of India (SAIL) signed a MoU to set up an automotive steel manufacturing facility in India. According to the MoU, ArcelorMittal Chairman & Chief Executive Lakshmi Niwas Mittal and SAIL Chairman CS Verma were signed agreement in London.
- Both companies will be set up the project through a joint venture and under this project a state-of-the-art cold rolling mill and other downstream finishing facilities will be constructed in India.
- Under the MoU, These facilities will offer technologically advanced steel products to India’s rapidly growing automotive sector. Efforts of SAIL will facilate in order to fulfill the high-quality steel requirements of the rapidly growing infrastructure and manufacturing sectors in India.
- NRI billionaire Laxmi N Mittal-led ArcelorMittal, is world’s leading steel supplier company to the global automotive sector. By tying up with ArcelorMittal, SAIL will get an advantage in the indigenous production of high-quality automotive steel.
- ArcelorMittal has held approximately 17 % share in global market. The company had shipped over 13 mt steel to automotive customers globally in 2014 with in revenues in excess of US 12 billion dollars.
- Published on: May 25, 2015