NEW DELHI (Commodity Online): The state run Steel Authority of India (SAIL)(BSE: SAIL : 500113, NSE: SAIL) jointly with Oman Oil will set up 3 million ton per annum (mtpa) gas based steel plant in Oman and the plant is expected to start operation next 2.5 to 3 years at a cost of Rs 15,000 crore.
According to the Steel Minister, SAIL has signed the Memorandum of Understanding (MoU) with Oman oil to set up the plant, reported The Economic times
Oman consumes around 3-4 million tons of steel per annum, but the production in middle East countries are below 1 mtpa.
According to C S Verma, Chairman, SAIL, the final agreement would be signed within next 6 months
In Bombay Stock Exchange, SAIL was trading down 5.25% or Rs 5.20 to Rs 93.80 on Wednesday at 15:30 IST
