SAIL says JV with Posco still on, uncertain on timing

New Delhi : A day after Steel Minister Beni Prasad Verma cancelled his Korea visit over differences between SAIL and Posco on their proposed joint venture, the PSU said talks with the Korean company were "positive" but refused to give any time frame for signing the agreement.

The two firms plan to set up a plant to produce 3 million tonne a year of auto-grade steel, but they are yet to agree on the shareholding pattern in the Rs 16,000 crore joint venture.

SAIL Chairman and Managing Director CS Verma said the plans have not been called off and the two firms continue to discuss details.