SAIL to set up 12-million tonne facility in Jharkhand
PSU major Steel Authority of India Ltd (SAIL) is exploring options to build 12-million tonne facility in Jharkhand. Recently, the state government has granted in-principle approval to SAIL for renewing mining lease for 810 million tonnes of iron ore reserves at the Chiria mines in Jharkhand.
The company is also searching opportunities to acquire licences for coking coal mines overseas and is in discussions with companies in Australia, New Zealand, Mozambique, the US and Indonesia in this regard.
In an announcement, representatives of SAIL said that the company is eyeing at both operation as well as exploration licenses and plans to acquire 30-40% of its coking coal demands through acquisitions.
The per annum coking coal need of the company is 15 million tonnes. SAIL is having a capex proposal of Rs 10,000 crore for fiscal 2009-10.
Scrip of Steel Authority of India (SAIL) Ltd settled the day in positive territory at Rs 187, up 1.82% on Bombay Stock Exchange (BSE). The total volume of shares traded on BSE was 1,449,939.