NEW DELHI India's steel minister said he hoped state-owned Steel Authority of India Ltd and ArcelorMittal SA would resolve differences over building an $897 million automotive steel plant before the deadline in May to close the deal.
SAIL is banking on the proposed joint venture with the world's number 1 steel producer, ArcelorMittal, to help it move to higher grades of steel in the automotive segment. A collapse of the proposal would further hamper its efforts to recover from seven straight quarters of losses.
"Before the May deadline, some solution should come, some good news should come," Steel Minister Chaudhary Birender Singh told reporters.
Reuters reported last month that talks between SAIL and ArcelorMittal were at a standstill, with the two companies disagreeing on key terms. (Reporting by Neha Dasgupta; Editing by Amrutha Gayathri)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Your guide to the latest election news, analysis, commentary, live updates and schedule for Lok Sabha Elections 2019 on firstpost.com/elections. Follow us on Twitter and Instagram or like our Facebook page for updates from all 543 constituencies for the upcoming general elections.
Updated Date: Mar 17, 2017 21:48:44 IST