Steel Authority of India (SAIL) has entered into agreement with Kerala's Steel Complex. Under the new agreement with the government of Kerala, SAIL will acquire 50 percent stake in state-run Steel Complex for Rs 83.8 million (Rs 8.38 crore). After the acquisition, the Kerala-owned Steel Complex will be managed by SAIL as a joint venture company. A rolling mill of 65,000 tonnes per annum capacity to produce TMT bars will be built by the joint venture company. The plant will require an investment of Rs.500 million to operate.                    

 

The government owned undertaking; SAIL is counted among the top five highest profit earning corporates of the country. With more than 131,910 employees, SAIL produces 13.5 million metric tons of steel annually. The company has a turnover of Rs. 45,555 crore. The 16th largest steel producer of the world, SAIL is emerging as one of India's fastest growing public sector units. SAIL has set up number of steel plants in various parts of the country in collaboration with companies from Germany, UK, Russia and Sweden.