Steel Authority to buy 50 percent stake in Kerala unit

December 12th, 2008 - 8:23 pm ICT by IANS  

New Delhi, Dec 12 (IANS) Steel Authority of India (SAIL), the country’s largest steel producer, Friday said it has entered into an agreement with the Kerala government to acquire up to 50 percent stake in the state-run Steel Complex for Rs.83.8 million (Rs.8.38 crore).The Steel Complex is a government of Kerala undertaking and will be managed by SAIL as a joint venture company, the steel major said in a regulatory statement.

The joint venture company will set up a rolling mill of 65,000 tonnes per annum capacity to produce TMT bars, widely used in the construction sector, at an estimated cost of Rs.500 million (Rs.50 crore), it added.

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