Indian steelmakers Steel Authority of India Limited (SAIL) and Tata Steel Limited (Tata Steel) have inked an agreement at New Delhi today to form a 50:50 joint venture company (JVC) in an effort to acquire and develop coal blocks in India.
The JVC will develop and carry out mining operations in India for captive use by SAIL and Tata Steel. For this purpose, four coking coal blocks in the northeastern Indian state of Jharkhand with reserves of around 600 million metric tons are under evaluation, according to a statement released by Tata Steel.