India’s state-run Steel Authority of India Limited (SAIL) has decided to exit all non-core or non-viable joint ventures, company sources said on Monday, August 27.
The sources said that though the non-core or unviable joint ventures are yet to be identified, the company has decided to remain focused on its core operations of steel production quoting from statutory filings that said that “SAIL has begun the process of closure or exit which are either non-operational or non-performing.”
Some of the existing joint ventures of SAIL included NTPC-SAIL Power Company Limited, Bokaro Power Supply Private Limited, for power generation for its steel mills and International Coal Ventures Limited (ICVL), a joint venture to scout and acquire coking coal assets overseas.
SAIL had also joint ventures in various stages of implementation for production of railway wagons and slag cement production.