Steel Authority of India (SAIL) in joint venture with Prime Gold has set up a steel plant in Madhya Pradesh. In a joint venture, the majority partner Prime Gold holds 74% and SAIL has 26%. This new unit will produce one lakh tonnes of world class TMT steel and 60,000 tonnes billets will be supplied from SAIL plants to this unit annually. With setting up of the unit, a large number of direct and indirect employment opportunities will also be generated.
The establishment of this steel unit is a novel initiative by the steel ministry for turning the Make in India vision into a reality. The highlight of the unit will be to provide high quality steel at reasonable prices to rural areas around Madhya Pradesh like Uttar Pradesh, Rajasthan, Delhi and Haryana. SAIL will market the steel TMT produced from this unit through its widespread marketing network and shall pay conversion charges on per tonne basis to the JV partner.
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.
