In a meeting on 26 April 2007 held at NMDC Office at Hyderabad a Memorandum of Discussions has been concluded among Sri S.K. Roongta, Chairman, Steel Authority of India Limited (SAIL), Sri Y. Siva Sagar Rao, Chairman-cum-Managing Director, Rashtriya Ispat Nigam Limited (RINL), and Sri B Ramesh Kumar, Chairman-cum-Managing Director, National Mineral Development Corporation Limited (NMDC).
In this discussion the three PSEs have agreed to enter into a strategic business relationship by forming a Joint Venture Company for setting up of an integrated iron and steel plant of four million tonnes annual capacity in the state of Chhattisgarh, initially. They also plan to take this process further to other states as well.
Towards this purpose, a Memorandum of Understanding will be entered into within 60 days after obtaining necessary clearances, on the basis of which they will take further steps in this direction.