Maharatna Steel Authority of India Limited (SAIL) and Mishra Dhatu Nigam Limited (MIDHANI), a Government of India enterprise, signed a memorandum of understanding (MoU) here today for exploring synergetic business opportunities in production of value-added products, enhanced research & development activities, exchange of technical know-how and joint investment between the two companies.
The MoU envisages setting up of a joint task force team (TFT) to identify special steel products which can be jointly developed by utilising the R&D facilities of both companies based on assessment of market demand and subject to techno-economic viability and commercial prudence. The TFT will also devise a plan for optimum utilisation of facilities at SAIL and MIDHANI for production of quality and high-grade special steel products. Identification of areas for joint investment and collaboration for production of special steel is also included in the scope of MoU.
Speaking on the occasion, SAIL Chairman Mr. C.S. Verma asserted that through the MoU, the two companies should achieve the goal of developing products indigenously that would act as 100% substitutes for steel products currently being imported by the Defence and Power sectors. He also pointed out that all MoU targets should be fulfilled with the help of a time-bound roadmap and action plan, which is proposed to be ready within two months. On his part, MIDHANI CMD Mr. Rao stressed that his company’s long-term relationship with SAIL will be further strengthened with this MoU that will help to meet the increasing strategic need of steel products in Defence and Power sector.
SAIL is India’s largest steel producer having a wide range of iron & steel products and byproducts. MIDHANI’s product range includes super-alloys, titanium, special steels, forged rounds, wires, strips, rings and titanium tubes. The Defence and Space sectors are among the major customers of MIDHANI. Through this MoU, both companies will be able leverage their core competencies to further their business and strategic interests for mutual benefit and growth.
