Talks on with POSCO for JV in Bokaro: SAIL chairman | business | Hindustan Times
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Talks on with POSCO for JV in Bokaro: SAIL chairman

business Updated: Sep 09, 2012 18:28 IST
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Steel Authority of India Limited (SAIL) chairman CS Verma on Sunday expressed optimism of a positive outcome in the ongoing talks with the steel-making company, POSCO, for a joint venture in Jharkhand.

"Talks regarding setting up a joint venture in Bokaro between the SAIL and the POSCO are going on. We expect a result in this regard very soon," Verma told reporters in Bokaro.

He said the public sector has set a target of 45 million tonne steel production by year 2020.

To expand its activity, Verma added, the public sector was trying to get iron ore from Afghanistan, Australia and other countries.

Stating that the SAIL has embarked upon extension and modernisation of Bokaro Steel Plant (BSP) and would spend between Rs 50,000 crore and Rs 60,000 crore, Verma said BSP’s steel production capacity would be increased to 17. 5 MT from the current 4.5 MT in BSP.

SAIL, he said, has also evinced interest to take up more work in other areas of the Indian Railways after successfully providing materials to it for laying rail tracks up to five lakh km.

Replying to a query on coal blocks, the chairman said three out of the four coal blocs allotted to SAIL were in operational while efforts were on to make the fourth one functional.

"Besides the four, we are trying for more coal blocs," he said.