State-run Steel Authority of India Limited (SAIL) is in talks with Japanese and Korean steel-makers for a possible joint venture to manufacture auto-grade steel.
A similar deal with ArcelorMittal reportedly got stuck, with Mittals chasing the purchase of bankrupt Essar Steel.
“A steel ministry delegation has visited Japan and we have met Japanese steel-makers like Nippon, TFE and Mitsubishi Steel,” said SAIL chairman Anil Kumar Chaudhury. The talks are expected to be taken forward by officials who may accompany Prime Minister Narendra Modi on a trip to Japan later this month.
SAIL started looking for potential alternative partners in manufacturing auto grade steel, which it wants to sell to the booming Indian automobile industry after ArcelorMittal indicated that they were keener on gaining control of Essar Steel rather than on investing in a joint venture with SAIL, where the inputs would be controlled by the state-run firm.
Tata Steel, already has an auto grade steel plant, in 51:49 JV with Sumitomo.
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