New Delhi: In order to make the public sector undertaking Steel Authority of India Limited (SAIL) a major partner in investments of Korean steel giant Posco in the country, Union Steel Ministry is striving hard to ink a joint venture between the ‘Maharatna’ company and Posco.

After a meeting with Posco officials, Verma said, “SAIL needs modern technology to become a global steel company. It can be possible by cooperating with the Korean giant.”

SAIL has already inked a contract with Posco for a steel plant in Bokaro, Jharkhand.

“Setting up of plant at Bokaro in Jharkhand under the joint venture is being given final touches. Posco and SAIL had signed agreement in this regard one and half years back” the Minister said.

Verma, however, informed that the rate at which SAIL will supply iron ore to the joint venture has still not been decided.

Work at the Posco plant in Orissa could start soon as the state government has already acquired the required land for setting up the Posco plant.

Posco plans to set up country’s largest steel plant in Orissa. The Mega project has been in limbo due to controversies surrounding land acquisition.

JPN/Bureau