SAIL, IIDC ink MoU for Salem SEZ
SAIL, IIDC ink MoU for Salem SEZ Steel Authority of India (SAIL) signed a memorandum of understanding (MoU) with Infrastructure Development Corporation (IIDC), a wholly owned subsidiary of IL&FS, to develop a steel sector special economic zone (SEZ) at Salem in Tamil Nadu, reports Business Line. >The operations will be carried out through a special purpose vehicle, with each entity holding equal amount of shares in the proposed venture. The proposed SEZ will be developed near SAIL`s (Q, N,C,F)* existing steel plant at Salem. As per the MoU, SAIL will provide land and IIDC will provide advisory and other related services for the SEZ. Shares of SAIL declined Rs 0.70, or 0.41%, to end at Rs 171.70. The total volume of shares traded was 1,135,662 at the BSE.(Friday)
