New Delhi: The deal between Steel Authority of India (SAIL) and South Korean firm POSCO to establish steel plant in Bokaro, Jharkhand, is likely to be inked within few days. Consensus over the distribution of shares has been formed between the two firms which will take final shape with Union Steel Minister Beni Prasad Verma visiting to South Korea this week.

Addressing a press conference after the review meeting of National Steel Company limited, Verma informed that the company has earned a profit of Rs 221 crore in the first quarter which is five percent more than the last year’s profit.

Discussing about the SAIL-POSCO tie up, Verma said, “Final decision over two major issues is to be taken for collaboration. Firstly, the rate at which iron and steel will be supplied to the POSCO and secondly share distribution between two companies.”

“In case of equity shares, either the companies will have 50:50 shares or POSCO will have 49 percent equity,” said Verma.

As per the agreement, POSCO for the first time has decided to give its patented FINEX technology. It is expected that project will cost around Rs 16,000 crore.