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Steel Authority of India (SAIL) Ltd. Company History and Annual Growth Details

1960

- The Alloys steel plant was installed at Durgapur in W. Bengal
with Japanese assistance. The plant with an installed capacity
of 1 lakh TPA of ingot steel has capacity to produce 2.60 TPA of
liquid steel with modern facilities such as VAD, VOD and
continuous casting. Special steels were produced such as armour
plate, grade steel and many special grade alloys to meet vital
and strategic needs of the country in areas of nuclear energy,
defence, space.

1968

- SAIL took over the management of Maharashtra Elektrosmelt Ltd.
a small compact company, at Chandrapur, Maharashtra for
utilising some of its facilities for R&D works as well as
maximising its production of ferro manganese for use in SAIL
plants. The unit produces several goods of special steels. The
Company proposed to diversify into manufacture of ferro alloys,
low carbon pig iron etc.

1973

- Pursuant to a decision taken by the Government of India in
January the Steel Authority of India, Ltd. was formed on 24th
January, as a holding company for Steel and Associated input
industries.

- CEDB was converted into a separate company in the name of
Metallurgical Engineering & Consultants (India), Ltd., Bolani
Ores Ltd., Metal Scrap Trade Corporation and Mysore Iron & Steel
Co. Ltd. became subsidiaries of SAIL. Maharashtra Eleckrosmelt
Ltd., Visvesvaraya Iron and Steel Ltd., Indian Iron & Steel Co.,
Ltd., IISCO-Ujjain Pipe & Foundry Co., Ltd. are all subsidiaries
of the Company.

- The Bhilai Steel Plant was set up in the late fifties at
Madhya Pradesh with a capacity to manufacture 1 million TPA of
ingot steel, with Russian Collaboration. The products include
heavy rails, heavy structurals, squares, merchant sections
besides semis like blooms and billets and pig iron for sale.

- The Durgapur Steel Plant was erected in W. Bengal in the late
fiftees with British collaboration. Set up as a 1 million TPA
ingot steel capacity plant, it was subsequently expanded to 1.6
million TPA in 1960. The plant is a major producer of railway
materials like wheels and axles, fish plates and sleepers. It
also manufactures light and medium sections, merchant sections
and skelp. The plant underwent continuous expansion in stage to
1.6 million TPA of ingot steel and 1.239 million TPA of saleable
steel.

- The Rourkela Steel Plant was commissioned in the late fifties
with the assistance of Federal Republic of Germany. Situated in
Orissa, the plant was the first of its kind of integrated steel
plant in India and was designed to produce only flat products.
It was the first plant to introduce basic oxygen furnace
process. It also has a fertilizer plant with a capacity to
produce 4,60,000 TPA of calcium ammonium nitrate.

1974

- SAIL International Ltd., was incorporated to coordinate the
export and import business.

1976

- Durgapur Mishra Ispat Ltd., Bhiali Ispat Ltd., an Rourkela
Ispat Ltd., were formed as fully owned subsidiaries of SAIL for
taking over the running business of Alloy Steels Plants, Bhilai
steel Plant and Rourkela Steel Plant on tranfer from HSL.

1978

- On 1st May, Metallurgical & Engineering Consultants (India),
Ltd., Hindustan Steel Works Construction Ltd., National Mineral
Development Corporation Ltd., Bharat Refractories Ltd., India
Firebricks & Insulation Co. Ltd., and Bharat Cooking Coal Ltd.
(1974), were delinked from SAIL.

- The Indian Iron & Steel Co. Ltd. became a subsidiary of SAIL.
The Kulti Works of this company, with an annual capacity of 1.57
lakh tonnes is the largest producer of cast iron and spun pipes.

1980

- 273,32,471 shares allotted to the President of India
(124,43,829 shares allotted for consideration other than cash).

1981

- 44,39,100 No. of shares allotted to the President of India.

1982

- The Salem Steel Plant was inagurated at Salem in Tamil Nadu in
March. It represents the dispersal of industries and balance
regional development bringing the latest sophistication in cold
rolling. The products find application in major industries
viz., nuclear, petroleum, chemicals, fertilisers, food
processing, Pharmaceuticals, dairy, household appliances,
cutlery etc.

- The Salem Steel Plant designed to roll 32,000 TPA of cold
rolled stainless steel strips and wider sheet was expected to be
increased to 70,000 TPA by the installation of a Sendzimir mill.

- On 21st May, MSTC ceased to be a subsidiary of the Company.

- 4,39,300 No. of Shares allotted to the President of India.

1983

- 20,16,442 No. of shares allotted to the President of India.

1984

- 16,05,800 No. of shares allotted to the President of India.

1985

- A number of technological improvement schemes were undertaken,
the most notable being the conversion of open hearth furnace No.
10 into twin hearth furnace.

- 28,83,360 No. of shares allotted to the President of India.

1986

- All the Phase-I units under the plants' 4 million tonne
expansion programme were commissioned. A vacuum arc degassing
unit was started in the converter shop and a second normalising
furnace in plate mill was added.

- 5,23,100 No. of shares allotted to the President of India.

1987

- 3,95,200 No. of shares allotted to the President of India.

1988

- The Visvesvaraya Irons & Steel Co. Ltd. became a subsidiary of
SAIL with SAIL acquiring 60% of the shares of the Company. It
has an installed capacity of saleable steel to the tune of
77,000 TPA of alloy and special steel and 48,000 TPA of mild
steel. It produces 200 varieties of sophisticated alloy steel
and ferro alloys.

- The Bhilai Steel Plant set up a blast furnace bell-less top
charging system.

- 90,000 No. of shares allotted to the President of India.

1990

- A modernisation programme was started to revamp and
technologically upgrade the plant. After the modernisation the
plant is slated for a crude steel capacity of 1.9 million TPA.

- 90,000 No. of shares allotted to the President of India.

1991

- 19,90,75,400 No. of equity shares of Rs 10 each transferred by
Govt. of India (President) to Financial Institutions/Banks and
Mutual Funds.

1992


- The Company produce various qualities and grades of iron and
steel i.e., mild steel, alloy steel, special steel, stainless
steel, ferro alloys, ERW pipes, spirally welded pipes, etc. The
Company's activities include planning, promoting and organising
an integrated and efficient development of the iron and steel
and its associated input industries such as iron ore, cooking
coal, manganese, limestone etc. It has a well equipped Research
& Development Centre for Iron & Steel (RDCIS).

- The Company's R&D unit at Ranchi was set up with a view to
promote continuous improvement in critical performance indices
of the steel plant in order to increase productivity, reduce
production cost and improve quality by production optimisation
or by introduction of new technologies. The centre undertook
various collaborative ventures with agencies both in India and
abroad.

- 4384,445 No. of shares allotted to the President of India.

1993

- Government approval for modernisation of BSL stage-I were
received.

- The Company launched the consultancy division with a view to
harness the resources and expertise in steel related areas and
market engineering, technical, managerial and training services.

- The Company undertook to float a joint venture company in
collaboration with USX Engineers & Consultants Inc., Pittsburg,
USA for development and execution of technology and system
integration for computer applications in basic industries such
as those engaged in steel mining and metallurgy.

- The Company issued bonds valuing Rs 795 crores by way of
private placement to various financial institutions and banks.

1994

- Two major schemes viz. new sinter plant III and expansion of
oxygen plant II were taken up for implementation. C.O. Battery
No. 10 was commissioned.

- A number of production units like new sinter plant, basic
oxygen furnace shop continuous casting plant were commissioned.
At Rourkela steel plant, five of phase II modernisation packages
viz. power distribution, mobile equipment for RMHS - II sizing
plant at Satara, Tarkera intake facilities and make-up water
pump houses for Tarkera works were commissioned.

1995

- Under the modernisation programme, the new units like Basic
Oxygen Furnace Shop (BOF), Continuous Casting Plant (CCP) and
New Sinter Plant were stabilised.

- The operation of hot rolling mill was stabilised in April
1996. The mill would enable rolling of stainless steel and
carbon steel slabs at Salem itself.

- SAIL has ventured into setting up a power project at Bhilai in
joint venture with M/s. Larsen & Toubro and CEA, USA Inc.

- The Company issued non-convertible bonds valuing Rs 710 crores
through private placements to various financial institutions,
banks, trusts, etc.

1996

- Government clearances were obtained. Other joint venture
options were at various stages of consideration in the area of
manufacturing of slag cement and marketing of Romelt technology.

- For Romelt technology, Government approval for investment by
SAIL & Russian partners were received and joint venture
agreement was signed with the promoters.

- To augment availability of iron ore for Bhilai steel plant,
the company planned to develop Rowghat iron ore mines for which
MP Government recommenced clearance of Rowghat project subject
to signing of MOU between Ministry of Railways, MP Government,
SAIL and NMDC for construction of Railway line from Dalli
Rajhara to Jagdalpur from both end simultaneously.

- In March, the company launched an Euro Issues of US $125
million offering 96,33,90 Global Depository Receipts
representing 14,45,08,500 equity shares (1 GDR = 15 share) at an
issue price of US $12.975 per GDR.

1997

- Major production facilities of modernisation like both
continuous casting machines, steel refining unit and coiler-4
were installed.

- The Modernisation of rail & structural mill (stage 1-phase)
was commissioned.

- A Steel rolling mill will be set up by Steel Authority of
India Limited (SAIL) at Da-gaon, 60 km north-west of Guwahati.

- The hot rolling mill complex of the public sector Salem Steel
Plant, a subsidiary of the Steel Plant, a subsidiary of the
Steel Authority of India Limited (SAIL), has been awarded the
ISO-9002 certification in a record period of one year within its
commissioning.

- The Company has proposed a joint venture with CIL for running
the collieries and washeries to improve the quality and quantity
to cooking coal.

- Sailcon, the SAIL Consultancy Division, has entered into an
agreement with USX Engineers and Consultants Inc of the US (UEC)
to assist UEC in providing technical consultancy for its client
Tisco for the installation of the galvanising lines at the
Gopalpur complex.

- The SAIL has signed an agreement with National Securities
Depository Limited for admission of its shares eligible for
trading on depository system through electronic mode.

- SAIL is all set to hike its global presence through joint
ventures and technological upgradation. The joint venture was
set up early last year to develop and market computer systems
with specific reference to the steel, mining and metallurgical
industries, based on the technology already implemented by its
joint venture partners.

- SAIL is already the lowest quoted scrip (Rs.21) on the Mumbai
Stock Exchange's 30-share Sensex.

- Steel behemoth Steel Authority of India is currently
considering a joint venture for setting up two finishing mills
at Durgapur Steel Plant to covert huge number of semis which
constitute 50 per cent of the plant's total production even
after the Rs 5,000 crore modernisation.

- Public Sector Steel major Steel Authority of India has signed
up TRF (formerly Tata Robins Fraser) for providing technology
for the blast furnace upgradation project at its Bhilai steel
plant in Madhya Pradesh. TRF will provide the coal dust
injection technology to improve the efficiency of the blast
furnaces.

1998

- The largest steel conglomerate in the country, Steel Authority
of India (SAIL), is offering deposit schemes - fixed and
cumulative - for one, two and three years respectively.

- In view of Steel Authority of India Ltd's (SAIL's) rising
demand for cooking coal, Coal India Ltd (CIL) is contemplating a
joint venture with SAIL for opening new mines.

- SAIL is also looking for marketing tie-ups in the overseas
market. Some SAIL products like plates and intermediate steel
products (semis) are well received in the international market.

- In an effort to help the country save foreign exchange, Coal
India Ltd (CIL) and Steel Authority of India Ltd (SAIL) have
entered into an agreement for the supply of coal.

- Steel Authority of India Ltd (SAIL) is taking up development
of new iron ore, coal and limestone mines through joint ventures
in the wake of increasing steel output and fast-depleting
reserves of these inputs.

- Romelt-SAIL India Ltd (RSIL), a joint venture between Steel
Authority of India and three Russian companies offering the
Romelt technology, has been signed up with the Jindal group
flagship, Jindal Strips, for preparing a feasibility report for
setting up a 300,000-tonne capacity Romelt plant in Raigarh,
Madhya Pradesh.

- The Bhilai Steel Plant (BSP) of Steel Authority of India Ltd
(SAIL) has been awarded the prestigious national quality award
for the sixth time by the Indian Institute of Metals (IIM) for
the year 1997-98.

- SAIL's research and development centre for iron and steel
(RDCIS) which decided to undertake research work for the private
sector, signed an MoU with Usha Martin Industries to carry out
investigation of patented steel wire-rod and wire samples of the
company.

1999

- The Steel Authority of India Ltd (SAIL) has forged a marketing
tieup with Tyazpromexport (TPE) of Russia to sell the entire
range of castings and pig iron produced by Kulti Works, a
division of Indian Iron and Steel Company (Iisco).

- The SAIL is all set to finalise a major power deal with Enron
Power Corporation of the United States. The deal envisages
formation of a joint venture with the global power major
acquiring 51-per cent equity in the new company. The new
company will take over Sail's captive power plants at Bokaro,
Rourkela and Durgapur which have a combined capacity of about
550 MW.

- Indian steel major SAIL has joined the Ulsab-AVC (ultra-light
steel auto body-advanced vehicle concepts) consortium, a
grouping of 28 steel producing companies around the world formed
to support the automotive industry's search for steel-based
solutions to its long-term challenges.

- Sail is considering setting up an additional steel making
facility at Salem, through a joint venture or hiving off the
entire SSP to create a separate subsidiary with it holding a
majority stake.

- The management and trade unions of Steel Authority of India
Ltd (SAIL) have joined hands to make the public sector steel
giant's loss-making subsidiary alloy steels plant (ASP) at
Durgapur in West Bengal viable.

2000

- Steel Authority of India's Rourkela Steel Plant is planning to
increase its saleable steel production from 1.2 million tonne to
1.7 million tonne per annum by 2001-02.

- The Company signed a MoU with Egypt's public sector
Metallurgical Industries Corporation (Micor) for the
establishment of a modern technical and management training
centre for the Egyptian steel industry.

- Crisil has upgraded rating of company's Bond programme from
BBB to BB and FD Programme from FB+ to FA-.

- SAIL has proposed to convert lisco into a joint venture with
the company having a minority shareholding.

- The Company signed a memorandum of understanding with the
ministry of steel, as directed by the cabinet, for the
implementation of business restructuring with detailed
milestones.

- Steel Authority of India is increasing the capacity of
hot-rolled coils (HRC) at Bokaro Steel plant to meet growing
demand in the domestic market.

- The Company has set up an office of restructuring at its
corporate headquarters to facilitiate coordination on all
aspects of the detailed business restructuring exercise it is
currently engaged in.

- The Company is expanding its marketing network by appointing
wholesale dealers for medium and heavy structurals in select
cities like Mumbai, Delhi and Chennai and plant locations like
Bhilai and Durgapur.

- The Company had received a good response to its global tender
for a joint venture with its subsidiary, Indian Iron and Steel
Company Ltd.

- The Company would introduce the next round of voluntary
retirement in the next two to three months.

- The Company has launched a new millennium special media
campaign to hardsell its wide range of products.

- The Company has shortlisted Avesta Sheffield (UK) and Tata
Steel/Usinor combine from the four parties which had expressed
interest in being joint venture partners for its Salem Steel
Plant.

- Durgapur Steel Plant of Steel Authority of Indian Ltd will set
up a slag granulation plant on build-own-operate basis to
generate more revenue through better waste utilisation.

- The Company will undertake the modernisation of the
cold-rolled mill at its Bokaro steel plant.

- The Durgapur Steel Plant of SAIL, has commissioned the
computerised integrated production planning and control (PPC)
system that helps in practically every aspect of plant operation
and despatch.

- The Company has formed a joint venture with Calcutta-based
Bansal Mechanical Works to set up a steel service centre at
Bokaro.

- Private sector steel majors Tisco, Kalyani Steel and the
public sector Steel Authority of India are all set to form a
three-way joint venture for undertaking e-commerce activities in
the steel sector.

- Steel Authority of India Ltd., Tata Steel and Kalyani Steels
Ltd. entered into an agreement for creation of an Internet-based
global, independent B2B Steel Market place.

- SAIL is likely to kick off a fresh round of voluntary
retirement scheme on October to separate 10,000 of its worers
during the current financial year.

- Steel Authority of India Ltd's Research & Development Centre
for Iron and Steel has signed a memorandum of understanding with
MECON to enable complementary of strengths in Iron & Steel and
allied areas.

- Steel Authority of India Ltd and the National Thermal Power
Corp. are set to begin for a joint venture for three captive
power plants and associated units of SAIL.

- Steel Authority of India has prioritised the hive-off of
non-core activities over internal restructuring due to scarcity
of funds.

- The Company has deferred its Voluntary Retirement Scheme to
reduce workforce by 10,000 until the next financial year.

- Steel Authority of India Ltd, Tata Steel and Kalayani Steels
Ltd signed a joint venture agreement for the formal creation of
metaljunction.com Pvt. Ltd, to manage their e-marketplace,
metaljunction.com.

- Steel Authority of India have to sell-off its power plants to
National Thermal Power Corporation at a heavy discount.

- The Company has entered into a joint venture with Tata Iron
and Steel Co and Kalayani Steel for the creation of a company to
manage their steel e-commerce venture, metaljunction.com.

- The Steel Authority of India and National Thermal Power
Corporation may float two separate joint ventures for hiving off
SAIL's power generation business.

2001

- The Company has finally launched a new voluntary retirement
scheme for its employees, which will begin from 20th February.

2001

-The Alloy Steel Plant (ASP), a company from the Steel Authority
of India Ltd (SAIL) stable, may witness another voluntary
retirement scheme (VRS) before it is sold off to a joint venture
partner.

- The Government has served a notice to the Steel Authority of
India run Bhilai Steel Plant for recovery of dues to the tune of
Rs 7 crore towards water charges by July 8.

2002

- Steel Authority of India Ltd has informed that on the
nomination by Government of India, the Board of Directors of the
Company at its meeting held on December 26, 2001 has approved
the appointment of Shri S.N.Mishra IAS (Retd) as Part-time
Non-Official Director on the SAIL Board.

- Steel Authority of India Ltd (SAIL) has informed BSE that Mr.
Deepak Parekh, Director, SAIL has resigned from the Board of
Directors of the Company.

- Steel Authority of India Ltd (SAIL) has informed that
Government of India (GOI) has appointed Mr. D.P.Singh, as
Director on the Board.

- Steel Authority of India Ltd has informed that on
superannuation Shri M K Moitra Director, Sail has ceased to be a
Director on the Board of Directors of Steel Authority of India.

-Steel Authority of India Ltd has informed BSE that Dr Isher Judge Ahluwalia has resigned from the Board of Directors of the Company.

- Steel Authority of India Ltd has informed BSE that on nomination by Government of India, the Board of Directors of the company has approved the appointment of Dr Sanak Mishra as Managing Director, Rourkela Steel Plant, SAIL on the SAIL Board.

-Steel Authority of India Ltd has informed BSE that on superannuation of Shri Arvind Pande from the services of the Company, Shri V S Jain has taken over the charge of Chairman, SAIL with effect from September 30, 2002 (AN).

-Steel Authority of India Ltd has informed BSE that on superannuation Shri R C Jha Director Sail has ceased to be a Director on the Board of Directors of the company wef October 31, 2002 (A/N).

2003

-Steel Authority Of India Ltd. has informed that Govt. of India has nominated after approval of the BoD of Steel Authority of India Ltd (SAIL), Mr. Ashis Das has joined as Director (Personnel) on the Board of SAIL, w.e.f. June 18, 2003.

-A K Singh ceases to be a Director of SAIL

-Approves appointment of nominee directors Shri V K Agarwal, Shri P K Sengupta, Dr Amit Mitra and Shri A H Jung as Part time Non Official Directors on the Board

-Mr. Amit Mitra, secretary general of FICCI, appointed as director on the board

-SAIL e-business achieves Rs 100-cr business mark

-Losses slide down by 70% in 2002-03 compared to 2001-02

-Bhilai Steel Plant (BSP) developes a special grade steel for the country's naval warships in collaboration with the Defence Metallurgical Research Laboratory, Hyderabad

-Durgapur Steel Plant (DSP) developes target steel for ballistic testing used in defence sector with stringent specifications

-SAIL 2003-04 Exports jumps by 40 pc

-Share price hits 52-week high of Rs 31.90 on 11/08/2003

-SAIL gets new Bloom Caster for its DSP in West Bengal

-Breaks into top ten in Marketcap chart, occupies 7th slot

-D P Singh ceases to be director on the Board of SAIL

-Government of India appoints Shri S Y Quraishi, additional secretary & financial advisor, Ministry of Steel, as director on the Board of Directors of Steel Authority of India Ltd on September 11, 2003

-Shri Suresh Pandey has ceased to be a Director on Board of Directors of the Company wef November 30, 2003 (A/N). Further Shri UP Singh has been appointed as Director on the Board From December 1, 2003.

-Mr U.P. Singh is the new Managing Director of SAIL's Bokaro Steel Plant. He took over charge of office from Mr Suresh Pandey, who superannuated on November 30.

-Bhilai plant records Rs 320 crore steel exports

2004

-SAIL pays back Rs 3,000 crore to FIs

-Mr. R P Singh inducted as the Managing Director of Bhilai Steel Plant (BSP)

-Metaljunction (MJ)- the online trading and procurement joint venture of Tata Steel and Steel Authority of India (SAIL)- has roped in UTI Bank to start off own equipment for Tata Steel.

-SAIL forges alliance with CIL to develop coal mines in Mozambique

-SAIL R&D division gets Golden Peacock Innovation Award

-SAIL ties up with Kudremukh Iron Ore

-SAIL signs strategic agreement with BHP Billiton

-SAIL ties up with Durgapur Projects

-SAIL ties up with BHP Billiton

2005

-GAIL ties up with SAIL

-Delist equity shares from The Stock Exchange, Ahmedabad (ASE) with effect from January 28, 2005.

-Steel Authority of India Ltd's Bhilai Steel Plant has been adjudged the best performing steel plant in the country for 2003-04.

-Steel Authority of India Ltd (SAIL) delists shares of the Company from The Calcutta Stock Exchange Association Ltd (CSE) with effect from December 21, 2005.

2006

-SAIL join hands BCCL to develop Moonidih mine

-Steel Authority of India Ltd (SAIL) has informed that on nomination by Government of India, the Board of Directors of the Company has approved the appointment of Shri. P K Sengupta, Prof. Javaid Akhtar and Dr. Vinayshil Gautam as Part-time Non-official Directors on the Board of the Company.

2007

-Steel Authority Of India Ltd. has informed that On nomination by Government of India, the Board of Directors of Steel Authority of India Limited (SAIL) has approved the appointment of Shri S Bhattacharya, Executive Director, SAIL as Director (Finance), on the Board of Directors of SAIL.

-Steel Authority of India Ltd (SAIL) has informed that on nomination by Government of India, the Board of Directors of the Company has approved the appointment of Shri. S S Ahmed, Executive Director, of the Company as Director (Commercial), on the Board of Directors of the Company.

- Steel Authority of India Ltd (SAIL) has informed that the Company is signing on June 26, 2007 a Memorandum of Understanding (MOU) with Manganese Ore India Ltd (MOIL) for setting up of a Joint Venture Company (JVC) to produce ferro-manganese and silico-manganese.

-SAIL has appointed Shri. V K Gulhati as Director (Technical) on the Board of Directors of the Company w.e.f. October 01, 2007.

- Steel Authority of India Ltd's Management Training Institute (MTI) has inked a memorandum of understanding (MoU) with the Indian Institute of Management (IIM) Indore for conducting programmes together for various organisations in areas of mutual interest.

- Steel Authority of India Ltd (SAIL) has inked a traffic guarantee pact with Rail Vikas Nigam Ltd (RVNL) under the Ministry of Railways, for transportation of 5 lakh tonnes of imported coking coal per year using the Paradip-Haridaspur railway line.

-Steel Authority of India Ltd (SAIL) has informed that Government of India has appointed Shri. B S Meena, Additional Secretary & Financial Adviser, Ministry of Steel as director on the Board of Directors of the Company

2008

-Steel Authority of India Ltd (SAIL) has informed that the Board of Directors of the Company has approved the appointment of Shri. S P Rao, Executive Director, SAIL as Managing Director, IISCO Steel Plant and Director on the Board of Directors of SAIL.

-Steel Authority of India Ltd (SAIL) has informed that the Company on February 21, 2008 has signed a Joint Venture Agreement with M/s. Jaiprakash Associates Limited (JAL) for formation of a Joint Venture Company (JVC) to set up a cement plant for producing 2 million tonnes of Cement at Bokaro (Jharkhand) by using slag generated at Bokaro Steel Plant of SAIL.

-Steel Authority of India Limited and Larsen and Toubro Limited (L&T) has signed a Memorandum of Understanding (MoU) to jointly set up, develop, manage and own captive/independent power plants at suitable location/s to meet future power requirements of SAIL.

2009

- SAIL signed a Joint Venture Agreement with Coal India Ltd, Rashtriya Ispat Nigam Ltd, NMDC Ltd and NTPC Ltd for setting up of a Special Purpose Vehicle i.e. International Coal Ventures Pvt. Ltd (ICVL) for acquisition of coal mines/block overseas for securing coal supplies.

- Steel Authority of India (SAIL) will make an investment of more than Rs 10,000 crore mainly on expansion in this fiscal.

- SAIL stated that it is open to partnering NMDC in setting up a steel plant in Karnataka, mainly catering to sectors like the automobile and consumer durables while NMDC, has proposed setting up a 5-MTPA steel plant in a joint-venture format.