India's largest steelmaker, Steel Authority of India Ltd, has signed a pact with Oman Oil Company to set up a 3-mt gas-based steel plant in Oman for an estimated investment of around Rs 15,000 crore.
"SAIL has signed an MoU with Oman Oil Company to set up a 3-mtpa steel plant," said steel minister Beni Prasad Verma.
SAIL is likely to have a majority stake in the JV. This is its fourth overseas venture after Mongolia, S Africa and Indonesia.
"The final agreement is likely to be signed within the next 6 months...it will take three years for the plant to be operational," said C S Verma, chairman, SAIL.