Steel Authority of India (SAIL) has received its board's approval for proposal for signing a legally non-binding term sheet with ArcelorMittal S.A. for entering into a joint venture (JV) for automotive steel business. Definitive agreements in this regard will be finalized in due course subject to financial viability. The company's board gave approval for the same at its meeting held on December 12, 2017.
SAIL is India's largest steel producing company. The company is among the five Maharatnas of the country's Central Public Sector Enterprises. The company has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.