Steel Authority of India (SAIL), India’s leading steel company, has signed a Memorandum of Understanding (MoU) with ArcelorMittal, the world’s leading steel and mining company, to set up an automotive steel manufacturing facility under a Joint Venture (JV) arrangement in India.
The MoU is the first step of a process to establish a JV between the two companies. The proposed JV will construct a state-of-the-art cold rolling mill and other downstream finishing facilities in India that will offer technologically advanced steel products to India’s rapidly growing automotive sector.
SAIL is India's largest steel producing company. The company is among the five Maharatnas of the country's Central Public Sector Enterprises. The company has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.
