Ripples Advisory ArcelorMittal, SAIL agree to mediator's proposal to advance Indian venture

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ArcelorMittal and Steel Authority of India Ltd (SAIL) have agreed to a proposal to export a fifth of the auto-grade steel they aim to make under a planned $913 million joint venture, according to a document obtained by Reuters.

The proposal is one of several made by Indian government think-tank NITI Aayog, which is mediating talks on commercial terms for the delayed venture that will give ArcelorMittal a foothold in the world's fastest growing steel market.

Most high-grade steel used by India's vehicle industry is imported from countries such as Japan and South Korea. India hopes partnerships like the ArcelorMittal and SAIL Venture will reduce those purchases and turn the nation into an exporter.