SAIL members agree with move to enter into material transactions with JVs
Shareholders of SAIL have passed a resolution authorising the board to conduct “material party transactions” up to Rs 90 billion with NTPC-SAIL Power Company, a stock exchange filing showed on Thursday.
NTPC-SAIL Power Company is a joint venture between power company NTPC and steel producer SAIL.
The decision was taken by the company’s members during the 52nd Annual General Meeting (AGM) in the capital.
The resolution was passed “to authorise the Board to carry out material related party transactions with NTPC-SAIL Power Company for an aggregate value of up to Rs 9,000 crore from April 1 till the Annual General Meeting to be held in FY26,” SAIL said in the document.
Another resolution was passed to authorise the Board to carry out material related party transactions with Bokaro Power Supply Company for an aggregate value of up to Rs 4,500 crore with effect from April 1, 2024 through FY26.
Bokaro Power Supply Company is a joint venture between DVC and SAIL.
The shareholders also passed a resolution to authorize the board of directors to enter into material related party transactions with Minas De Banga Limitada (Mozambique) for an aggregate value of up to Rs 6,000 crore from April 1, 2024 through FY 2025-26.
Addressing the shareholders, SAIL Chairman Amarendu Prakash said that SAIL has produced a record 19.24 tonnes of crude steel and 18.44 tonnes of saleable steel in FY2024, a year-on-year growth of 5.2 per cent and 6.9 per cent respectively over the previous year.
“The company also achieved the highest revenue of Rs 1,04,545 crore in FY24. SAIL is on track to excel in two focus areas – maximizing capacity utilization and providing best value to customers.
(Only the headline and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First publication: Sep 26, 2024 | 5:22 PM IST