Steel minister, SAIL chief, L N Mittal discuss $1-billion JV
Steel Minister Chaudhry Birendra Singh on Tuesday met ArcelorMittal Chairman Lakshmi Mittal and discussed the proposed Rs 6,700-crore joint venture with SAIL to set up an automotive steel plant in India.
Singh held consultations on the JV with top brass of the world's largest steel maker here today along with senior official from the Steel Ministry and Steel Authority of India Limited Chairman P K Singh, ArcelorMittal said in a statement.
"ArcelorMittal welcomed Singh, SAIL Chairman and Steel Ministry's Joint Secretary Sunil Barthwal to its London offices for discussions regarding the proposed $1 billion automotive steel JV between ArcelorMittal and SAIL," it added.
ArcelorMittal Europe group CFO and CEO Aditya Mittal, Executive VP and Head of global automotive Brian Aranha -- who is leading the JV discussions on behalf of ArcelorMittal -- also attended the meeting, the firm said.
"The project's Joint Working Group, which was established following the signing of the MoU, has completed the major part of the project's Feasibility Report," the steelmaker said.
Earlier this month, the steel minister had told reporters that the much-awaited JV between the steel giant and Maharatna PSU will be operational by December.
ArcelorMittal and Steel Authority of India Limited had inked a MoU in May last year to explore the possibility of setting up an automotive steel manufacturing facility under a JV arrangement in India.