Published On:May 23 2011
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SAIL to set up 3 MTPA steel plant in Afghanistan
Steel Authority of India Ltd, or SAIL, has decided to rope in a strategic partner to spearhead its plan to set up a three million tonnes steel plant in Afghanistan. While SAIL is keen to team up with other Indian companies to acquire and develop the Hajigak iron ore mines in Afghanistan that have been opened up for bidding, its recent proposal to set up a steel plant could help sweeten the bid for the mines.
SAIL is looking at the option of tying up with 'like-minded' large companies to set up the steel project that would entail an estimated investment of 14,000 crore, as part of its Afghan strategy.
According to people familiar with the development, SAIL could be planning to rope in fellow Indian state-owned steel major RINL, that operates the Vizag Steel Plant and NMDC, India's largest iron ore miner.