SAIL-Posco JV pact likely to be signed next month: Verma

Steel Minister Beni Prasad Verma today said the joint venture agreement between SAIL and Posco for setting up a 3-million-tonne steel unit at Bokaro in Jharkhand is likely to be signed next month.

"We are hopeful of signing the agreement in November. I will be going to Korea next month (for signing ceremony)," the Minister told reporters.

SAIL had inked a Memorandum of Understanding (MoU) with the South Korean major for setting up a Finex technology-based plant at an investment of around Rs 16,000 crore in Jharkhand.

The detail project report for the 3-million-tonne per annum project has already been prepared.

SAIL Chairman, last month, told shareholders that the discussions with Posco were on to finalise the terms and conditions of the joint venture.

The Minister indicated that the operational control of the joint venture might remain in the hands of Posco.