SAIL Board approves new steel plant in Chhattisgarh

Steel Authority of India Ltd (SAIL) has announced that the Board of Directors of the Company has approved 'in principle' the proposal for setting up a Steel Plant in Chhattisgarh with an initial capacity of 4 million tonnes per annum in joint venture with equity participation from the Company, RINL and NMDC. Necessary activities for finalizing the Memorandum of Understanding with the joint venture partners are being initiated.

The Board also reiterated that action required for setting up of a green field plant in the state of Jharkhand linked to iron ore lease may be taken by the Company.

The stock closed the day at Rs.138.60, down by Rs.1.50 or 1.07%. The stock hit an intraday high of Rs.141.90 and low of Rs.137.45. The total traded quantity was 1038979 compared to 2 week average of 2167997.

Source : Equity Bulls

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