The estimated Rs 5,000-crore joint venture between steel giant ArcelorMittal and state-run Steel Authority of India Limited (SAIL) is most likely to be finalised this year with the Steel Ministry working towards formalising the project. "We have signed an MoU with ArcelorMittal for a steel plant. We want to finalise the project this year. Work on it is progressing," Steel and Mines Minister Narendra Singh Tomar said.
In May last year, NRI billionaire Lakshmi Mittal-led ArcelorMittal and domestic steel giant SAIL inked a memorandum of understanding to look at the possibility of setting up an automotive steel plant in the country.