ArcelorMittal, the world’s leading steel company,and Steel Authority of India Limited (SAIL) inked an agreement on Friday (22-May) to set up an auto steel producing unit with an estimated Rs 5,000-crore investment under a joint venture business plan in India.
As indicated by a SAIL statement, a memorandum of understanding (MoU) was signed in London on Friday (22-May) by ArcelorMittal chairman and CEO Lakshmi Mittal and SAIL director C.S. Verma.
As understood the intentions of the pact, the proposed joint venture will build 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 developing auto Sector.
India is forecast to turn into the world’s fourth largest automobile manufacturing country by 2020 growing from roughly 3.5 million units today to more than 7 million units.