On Saturday, Lakshmi Mittal-led ArcelorMittal has partnered PSU giant SAIL for the purpose of setting up an automotive steel plant with an estimated Rs 5,000 crore investment.
However, the details of the investment and plant size were not disclosed.
ArcelorMittal and SAIL in a joint statement said,”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.”
Steel Secretary Rakesh Singh said: “Increasing the availability of indigenously produced automotive steel would reduce India?s reliance on imports and provide the Indian steel industry and the automotive industry with a sustainable competitive advantage.” He added that India is expected to grow as a hub for automobile export manufacturing facilities to cater to the international market.
Read important profitable intraday trading tips