Member access

4-Traders Homepage  >  Shares  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Steel Authority of India Limited    SAIL   INE114A01011

SummaryQuotesNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Steel Authority of India Limited : India Minister : Consortium Got Letter Of Intent To Mine In Afghanistan

05/21/2012 | 05:09am US/Eastern

A consortium of seven Indian companies has received a letter of intent from the Afghanistan government, bringing them a step closer to mining iron-ore deposits in the country's Hajigak province, Indian Steel Minister Beni Prasad Verma said Monday.

The group won the right to mine three iron-ore blocks in Afghanistan after an international bidding process last November.

The letter of intent is an initial agreement, which will be followed by a formal joint venture pact.

"We hope to sign a joint venture agreement [with the Afghan government] soon," added C.S. Verma, chairman of Steel Authority of India Ltd. (500103.BY), which leads the consortium.

The Indian group also includes state-run NMDC Ltd. 526371.BY) and Rashtriya Ispat Nigam Ltd., and private-sector firms JSW Steel Ltd. (500228.BY), Jindal Steel & Power Ltd. (532286.BY), JSW Ispat Steel Ltd. (500305.BY) and Monnet Ispat & Energy Ltd. (513446.BY).

Minister Verma added that SAIL is also in the final stages of discussions to build a steel plant in Afghanistan.

--By Biman Mukherji, Dow Jones Newswires; 91-11-4356-3358; prasenjit.bhattacharya@dowjones.com

React to this article
Latest news on STEEL AUTHORITY OF INDIA L
05/20 STEEL AUTHORITY OF INDIA : Investigators from Steel Authority of India Limited R..
05/18 STEEL AUTHORITY OF INDIA : Sell-off or revival? fate of amethi steel unit unclea..
05/13 STEEL AUTHORITY OF INDIA : SAIL completes Bokaro plant expansio
05/12 STEEL AUTHORITY OF INDIA : PM Dedicates to the Nation SAIL’s Modernised & ..
05/11 STEEL AUTHORITY OF INDIA : Nmdc plant in chhattisgarh
05/11 STEEL AUTHORITY OF INDIA : SAIL TO INVEST ANOTHER Rs42,000 CRORE IN WEST BENGAL ..
05/10 STEEL AUTHORITY OF INDIA : Sail looks to centre for out-of-court settlement of c..
05/10 STEEL AUTHORITY OF INDIA : PM Dedicates to the Nation SAIL’s Modernsied & ..
05/08 STEEL AUTHORITY OF INDIA : India inc gets bond shock, fund-raising plans go awry
05/07 STEEL AUTHORITY OF INDIA : Sail puts off bond issue as investors seek higher yie..
Advertisement
Income Statement Evolution
More Financials
Copyright © 2015 Surperformance. All rights reserved.