Two state-owned firms -- Steel Authority of India (SAIL) and Mishra Dhatu Nigam (Midhani) -- on Thursday signed a pact aimed at developing speciality steel products for use in defence and power sectors.
"SAIL and Midhani shall achieve the goal of developing products indigenously that will act as 100% substitutes for steel products currently being imported by the defence and power sectors," SAIL Chairman CS Verma said.
Under the agreement, the two firms would set up a joint task force team (TFT) to identify special steel products which could be jointly developed by utilising Research & Development facilities of both, based on assessment of market demand and subject to techno-economic viability and commercial prudence.
The TFT, which would submit its findings within the next two months, would also devise a plan for optimum utilisation of facilities at SAIL and Midhani, a PSU under the ministry of defence, for production of quality and special steel products.
"Identification of areas for joint investment and collaboration for production of special steel is also included in the scope of MoU," the statement said.
Midhani's product range includes super-alloys, titanium, special steels, forged rounds, wires, strips, rings and titanium tubes. Defence and space sectors are among the major customers of Midhani.
Source: www.moneycontrol.com
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