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SAIL to buy 50% stake in Steel Complex

This article was posted on Dec 12, 2008 and is filed under Market Outlook

Steel Authority of India (SAIL), the country’s largest steel producer, today said it has entered into an agreement with the Kerala government to acquire up to 50 per cent stake in state-run Steel Complex for Rs 8.38 crore.The target firm is a government of Kerala undertaking and will be managed by SAIL as a joint venture company, the steel major said in a filing to the Bombay Stock Exchange.

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

source: BusinessStandard

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