Steel Authority of India Ltd.'s board of directors held their 52nd Annual General Meeting, where major transactions up to Rs 19,500 crore were authorised.
The firm will undertake major transactions with NTPC-SAIL Power Co. for the approximate value of Rs 9,000 crore from April 1, 2024, till the AGM to be held in fiscal 2026.
The board has also authorised major transactions with Bokaro Power Supply Co. for an aggregate value of up to Rs 4,500 crore from April 2024 till the AGM to be held next financial year.
SAIL will additionally carry out material related party transactions with Mozambique-based Minas De Banga Limitada, for a total amount of up to Rs 6,000 crore till next fiscal's AGM.
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The firm clarified that these transactions took place at arm's length and in the ordinary course of business of the company.
The initiatives included the supply of steel to contribute to India's development, marketing strategies being undertaken by the company, and contributing to the 'Atmanirbhar Bharat' initiative by developing and producing products that add value to clients.
NTPC-SAIL Power Co. is a joint venture between power generation company National Thermal Power Corp. and steel maker Steel Authority of India Ltd.
While Bokaro Power Supply Co. is a joint venture between Damodar Valley Corp. and SAIL.
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