SAIL approves new steel plant in Chattisgarh

New Delhi, June 1: Paving the way to set up a four-million-tonne iron and steel plant at Bailadila in Chhattisgarh, Steel Authority of India Ltd (SAIL) today gave its 'in principle' approval to the project.

The plant will have equity participation from the Rashtriya Ispat Nigam Ltd (RINL) and National Mineral Development Corporation (NMDC).

Towards this purpose, necessary activities for finalising the memorandum of understanding (MoU) with the JV partners are being initiated, a statement said.

Earlier, the three public sector enterprises, such as SAIL, RINL and NMDC, under the Steel Ministry had agreed to enter into a strategic business relationship by forming a joint venture company for the purpose.

For the plant costing Rs 15,000 crore, the Hyderabad-based NMDC already had licenced mines in Bailadila.

UNI