ArcelorMittal on Wednesday said it has agreed to make concessions to Steel Authority of India (SAIL) on technology transfer to iron out contentious issues in their proposed Rs 5,000-crore automotive steel joint venture.

The announcement comes a day after steel minister Chaudhary Birender Singh said the global steel major and SAIL are in ‘final stages’ of formalising the deal.

The two companies are believed to be close to ironing out key commercial terms to close the deal, including non-compete and exit clauses as well as finalising policy on arbitration, agency reports said, quoting sources.

Responding to ET, an ArcelorMittal spokesperson said: “Our discussions with SAIL continue to make progress, with both parties making significant efforts towards reaching a final agreement. Progressing our partnership to a formal joint venture stage remains the objective, but given the confidential nature of these discussions we will be making no further comment at this time.”

When contacted a SAIL official, who did not wish to be named, said: “A joint task force formed to work out the partnership is moving ahead with its job. A feasibility report is now being prepared as part of the preparatory work on the deal.”

 

Source: economictimes.indiatimes.com

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