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SAIL deal on coal equity soon

New Delhi, Aug. 29 (PTI): Steel Authority of India Ltd (SAIL) is likely to enter into an agreement with an overseas coal mining company in a day or to pick up a minority stake through a joint venture. The deal would help SAIL overcome the shortage of coking coal.

According to highly-placed sources, a memorandum of understanding is likely to be signed with a foreign company by Tuesday. However, they declined to divulge details of the company.

SAIL, which has a long-term plan to expand its capacity to 20 million tonnes by 2010-11, is understood to have appointed SBI Caps as an adviser.

SAIL chairman V. S. Jain said, “We are discussing the acquisition of acoal mine with various companies abroad. The memorandum of understanding will be signed soon. It will be followed by due diligence.”

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