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ArcelorMittal agrees on concessions to seal auto steel JV with SAIL- The 18th China£¨Guangzhou£©Int¡¯l Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
5/26/2017 Sheetmetal machinery, Forging, Stamping expo |
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Reuters reported that ArcelorMittal said on Wednesday it has agreed to make concessions to Steel Authority of India on technology transfer to seal a delayed USD 897 million automotive joint venture. A company spokeswoman, without giving further details, told Reuters "In the interest of the strategic partnership, some concession from ArcelorMittal on technology has been extended.¡±
Three sources with direct knowledge of the negotiations told Reuters that the two companies are close to ironing out key commercial terms to close the deal, including non-compete and exit clauses as well as finalising policy on arbitration.
India''s Steel Minister Chaudhary Birender Singh said on Monday the talks between ArcelorMittal and SAIL were in the "final stages", after a preliminary understanding signed in May 2015 lapsed on Sunday. Government officials said the timeline for the venture would get an official extension.
Talks between the two companies had hit a roadblock over disagreement on revenue-sharing as well on technology transfer fees.
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The 18th China£¨Guangzhou£©Int¡¯l
Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
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