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The board of directors of domestic steel major SAIL approved the proposal for entering into a joint venture with ArcelorMittal SA for setting up an automotive steel-making unit in India.
In a filing with the BSE, SAIL informed that the board, which met on December 12, approved the proposal for signing a legally non-binding term sheet with Arcelor Mittal SA for entering into a joint venture for the proposed automotive steel business.
SAIL also informed that a definitive agreement will be finalised in due course subject to financial viability.
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