Shareholders of Steel Authority of India Ltd. (SAIL) have approved a resolution authorizing the company’s board to engage in significant joint venture transactions worth up to ₹9,000 crore with NTPC-SAIL Power Company. The approval was granted during SAIL’s 52nd Annual General Meeting (AGM) held in New Delhi, as per a regulatory filing on Thursday.
NTPC-SAIL Power Company is a joint venture between SAIL and NTPC, India’s leading power generation company. The board is now authorized to execute related-party transactions valued at up to ₹9,000 crore from April 1, 2024, through to the AGM in FY26.
In addition, shareholders passed another resolution allowing the board to carry out transactions with Bokaro Power Supply Company, a joint venture between SAIL and DVC (Damodar Valley Corporation), for a total of ₹4,500 crore over the same period.
A further resolution authorized the company to engage in related-party transactions with Minas De Banga Limitada (Mozambique) for an amount up to ₹6,000 crore from April 1, 2024, through FY26. Company Chairman Amarendu Prakash, addressing the shareholders, highlighted the company’s record production in FY24, achieving 19.24 million tonnes of crude steel and 18.44 million tonnes of saleable steel.
This represents year-on-year growth of 5.2% and 6.9%, respectively. Prakash also emphasized that it achieved its highest-ever sales turnover of ₹1,04,545 crore during FY24, reiterating the company’s focus on maximizing capacity utilization and delivering top value to customers.
Steel Authority of India Ltd is one of India’s largest state-owned steel producers and a key player in the country’s industrial landscape. Founded in 1954, the company operates a network of integrated steel plants across India, producing a wide range of steel products, including hot and cold rolled sheets, galvanized sheets, structural steel, and alloy steel.
SAIL’s products cater to industries like construction, automotive, railways, and defense. The company is also involved in mining, ensuring a steady supply of raw materials like iron ore and coal for its operations. With a strong focus on innovation, quality, and sustainability, SAIL has made significant contributions to India’s infrastructure and economic growth.
