New Delhi, Jan 29 (UNI) The Andhra Pradesh (AP) based public sector Rashtriya Ispat Nigam Limited (RINL) has signed a Memorandum of Understanding (MOU) with public sector steel gaint Steel Authority of India Limited (SAIL) for acquisition of 'high grade Lime stone' in 'Sultanate of Oman'.
As per the MOU both the companies will have a 50:50 share in the new company.
According to Steel Ministry sources the lime stone is used as flux material to remove impurities in 'steel making'. At present RINL is importing about 3.5 Lakh Tonnes (LTs) of high grade lime stone annually.
The acquisition would enable both SAIL and RINL to have steady and cost effective supply of lime stone which is essential for production at competitive price.
The MOU was signed today at Visakhapatnam by M V R Sarma, ED Corporate Affairs and Strategies of RINL and A K Jain, ED Corporate Planning SAIL.
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