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Home arrow News arrow Business News arrow SAIL in talks with Japanese companies for technology to make CRGO steels
SAIL in talks with Japanese companies for technology to make CRGO steels Print E-mail
Written by Rajeev   
Wednesday, 12 January 2011
Chennai: The Steel Authority of India (SAIL) is holding talks with Japanese companies for technology to set up a cold rolled grain-oriented (CRGO) steel manufacturing facility. CRGO steel is mainly used in transformers.

A consortium of SAIL and Rashtriya Ispat Nigam (RINL) intends to put up a 2.5-lakh tonne green field facility with an estimated investment of Rs 3,000 to 3,500 crore. Bharat Heavy Electricals Ltd (BHEL) has also expressed interest in taking a 26 per cent stake in the joint venture.

Among the Japanese companies, which SAIL is in talks with, is Nippon Steel Corporation, which recently announced a tie-up with Tata Steel to set up a Rs 2,400-crore plant for producing auto-grade steel.

C.S. Verma, Chairman, Steel Authority of India Limited (SAIL), received the prestigious ‘Icon of the Year’ award of the Institute of Cost and Works Accountants of India (ICWAI) here today. Mr. R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs presented the award on the inaugural day of the 52nd National Convention of ICWAI. The award honours professionals who have been a role model for the profession by achieving tremendous success in the business enterprises that they have been involved with in the capacity of Chairman and Managing Director.

Maharatna SAIL owns and operates five integrated steel plants in Bhilai, Bokaro,Durgapur, Rourkela, and Burnpur and 3 special steel plants at Salem, Durgapur and Bhadravati. SAIL is currently implementing a big modernisation & expansion plan in its plants and mines, to take its hot metal production capacity to 23.46 Million tonnes by the year 2012-13 involving capital outlay of about Rs 70,000 crore. It plans to expand its capacity to 60 million tonnes by 2020. Post-modernisation, the share of high-quality and value-added products will be more in SAIL’s product-mix. Several new technologies are also being adopted as a part of the modernization plan.

The government currently holds a stake of a little over 85 per cent in SAIL. After the follow-on public offer, which is expected to hit the market in mid-February, the government's equity in the company is expected to go down to about 69 per cent. SAIL expects to raise Rs 8,000 crore from the first phase of the 20 per cent share sale programme.

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