SAIL shareholders confirms to undertake material related transactions with JVs

The shareholders of SAIL have passed a resolution to authorize its board to undertake 'material-related party transactions' up to Rs 9,000 crore with NTPC-SAIL Power Company, as per the exchange filing.

NTPC-SAIL Power Company is a joint venture between power generation company NTPC and steel maker SAIL.

The resolution was passed by the members of the company at its 52 Annual General Meeting (AGM) and was passed "to authorize the board to carry out the material related party transactions with NTPC-SAIL Power Company for an aggregate value of up to Rs 9,000 crore from April 1, till the AGM to be held in FY26," SAIL said in the filing.

Read Also : Bank of India enters into an MOU to provide salary account facilities for Coal India Limited employees

Another resolution was passed to authorize the board to carry out material-related party transactions with Bokaro Power Supply Company for an aggregate value of up to Rs 4,500 crore from April 1, 2024, till FY26.

Bokaro Power Supply Company is a joint venture between DVC and SAIL.

The shareholders also passed a resolution to authorize the board to carry out material-related party transactions with Minas De Banga Limitada (Mozambique) for an aggregate value of up to Rs 6,000 crore from April 1, 2024, till FY 2025-26.

Addressing the shareholders, SAIL Chairman Amarendu Prakash said during FY24, SAIL produced a record 19.24 MT crude steel and 18.44 MT saleable steel, registering a year-on-year growth of 5.2 per cent and 6.9 per cent, respectively over the previous year.

 

Read Also : PFC Secures largest-ever foreign currency term loan of USD 1.265 billion