Tatas interested in SAIL Salem JV

The Indian companies are Tisco and Jindal Strips and SM8217;s Demag of Germany and Avesta Sheffield of the UK, IT said and added that protracted process of 8216;due deligence8217; would now be initiated.

SAIL had recently through a global tender sought expression of interest from steel companies with a global standing in quality steel production and a long, continued presence in international marketing, for joint venture options for steel making facilities and for SSP as a whole with backward integration facilities.

SSP has been catering to domestic market segments which require high quality stainless steels and exporting 30 to 40 per cent of its production for a number of years.

The plant has established for itself, both an image as a quality producer as well as a share in the international market for stainless steels.

Ministry of steel had sought the government of India8217;s approval for restructure of SSP as a joint venture subsidiary of SAIL with facilities for 8216;in Situ8217; steel making and slab casting, which was given a final seal of approval very recently.