SAIL sees synergy in ArcelorMittal tie-up
Domestic steel major Steel Authority of India (SAIL) is open to collaborating with ArcelorMittal in a buoyant market.
By TNN |
NEW DELHI: Domestic steel major Steel Authority of India (SAIL) is open to collaborating with ArcelorMittal in a buoyant market. The company is eyeing access to the latest technology and improving efficiency levels through a possible tie-up.
“We are open to any discussion with ArcelorMittal for developing synergy that is in the best interests of both the companies. This could start on a smaller level with exchange of personnel and joint participation in R&D activities,” SAIL chairman SK Roongta said while announcing the company’s Q1 results.
He said though no formal talks have taken place, if an offer comes it could be considered. “Both the companies could learn from each other,” he said while dodging a question whether this would take a shape similar to that of ONGC-Mittal Energy .
Mr Roongta had met ArcelorMittal chief L N Mittal in London last year as part of a delegation. There the two had informally discussed how the two steel giants could cooperate.
It is understood that SAIL is keen to access ArcelorMittal’s R&D setup, which is regarded as the largest in the steel sector, globally. Mr Mittal, who is also in India to discuss the company’s steel and petroleum projects, said ArcelorMittal has invested over $1.3 billion in its R&D setup and would welcome discussions with SAIL for sharing some of its expertise.
“We are open to any discussion with ArcelorMittal for developing synergy that is in the best interests of both the companies. This could start on a smaller level with exchange of personnel and joint participation in R&D activities,” SAIL chairman SK Roongta said while announcing the company’s Q1 results.
He said though no formal talks have taken place, if an offer comes it could be considered. “Both the companies could learn from each other,” he said while dodging a question whether this would take a shape similar to that of ONGC-Mittal Energy .
Mr Roongta had met ArcelorMittal chief L N Mittal in London last year as part of a delegation. There the two had informally discussed how the two steel giants could cooperate.
It is understood that SAIL is keen to access ArcelorMittal’s R&D setup, which is regarded as the largest in the steel sector, globally. Mr Mittal, who is also in India to discuss the company’s steel and petroleum projects, said ArcelorMittal has invested over $1.3 billion in its R&D setup and would welcome discussions with SAIL for sharing some of its expertise.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
