SAIL rules out JV talks with ArcelorMittal

State-run steel maker Steel Authority of India Limited on Thursday ruled out the possibility of setting up of a plant through a joint venture with world's largest steel maker ArcelorMittal.

"We have never proposed a joint venture with ArcelorMittal. We have not discussed with them any plans to set up a JV plant," SAIL chairman C S Verma said in New Delhi.

On Tuesday, ArcelorMittal Group Management Board Member Sudhir Maheshwari had said during a conference call that they have made 'a proposal to SAIL and are in discussion with SAIL (to set up a steel plant through joint venture).'

He had also added, "With respect to SAIL we have not set any timeline."

Early this year, ArcelorMittal had proposed to join hands with SAIL) and was looking at partnering with steel PSU for proposed plant

SAIL had earlier said that it may go ahead with the project in a JV format.

Two other global companies, South Korea-based Posco and Japanese Kobe Steel, had also expressed keenness for partnership with SAIL.

Posco had entered into a technical pact with SAIL in 2007 and is also working on opportunities for the past one year to set up Rs 11,000-crore (Rs 110-billion) steel plant jointly with the Indian company.

SAIL chairman C S Verma had earlier said that a final deal with Posco could be signed by December.