The proposed USD 1 billion JV between global steel giant ArcelorMittal and Indias largest producer of the metal SAIL will be finalised by December, Steel Minister Chaudhary Birendra Singh said today.
“I have told them (SAIL and ArcelorMittal) that JV formalities should be completed by December. It should be decided by December this year,” Singh told reporters here on the sidelines of an event by Indian Chambers of Commerce. Singh met ArcelorMittal Chairman Lakshmi Mittal in London last month and discussed the JV, which aims at setting up an automotive steel plant in India. The meeting was also attended by SAIL Chairman P K Singh, ArcelorMittal Europe group CFO and CEO Aditya Mittal as well as Executive VP and Head of global automotive Brian Aranha — who is leading the JV discussions on behalf of ArcelorMittal. ArcelorMittal and the state-owned SAIL had inked a pact in May last year to explore the possibility of setting up an automotive steel manufacturing unit under a JV arrangement.