SAIL may scout for new partner

Steel Authority of India Ltd (SAIL) may have to scout for a new partner for developing its special economic zone at Salem in Tamil Nadu after IL&FS Infrastructure Development Corp. has decided to walk out of the proposed JV. SAIL and IIDC had signed a MoU in September 2007 to develop the Salem SEZ through a special purpose vehicle. The proposed SEZ was to come up on 250 acre of surplus land near SAIL’s existing stainless steel facility in Salem. The proposed SEZ was to be developed by under 50:50 JV by SAIL and IIDC. The SEZ was expected to develop manufacturing facilities architectural facades, railway applications, dairy plants, chemical and pharmaceutical plants, machines for the food processing industry, tubes and pipes, auto component, panels for lifts. SAIL had also considered dedicated port facilities for the SEZ and its own export oriented stainless steel in the zone. IIDC is the advisory and project development company of the IL&FS group.
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