Sail optimistic about JV with Posco, says CS Verma

Steel Authority of India Limited (SAIL) was optimistic about its proposed joint venture with the South Korean steel major Posco, a top Sail official said.

"You will get good news about Sail's joint venture with Posco very soon," Sail chairman C S Verma told reporters replying a question on the fate of Sail's proposed 3 mtpa steel plant in joint venture with Posco.

Stating that consensus had been reached on different issues with Posco, Verma said negotiation with the South Korean steel major had been "very positive."

The Sail and Posco had earlier differences over issues like the ratio of share in the joint venture. While Posco was claiming 51 per cent share in the joint venture, Sail too claimed equal share.

However, according to Verma, most of the issues had been sorted out through discussion.

Source: ET