State-run Steel Authority of India Ltd. has finalized terms for a 60 billion rupee ($929 million) plant with ArcelorMittal to cater to the automobile sector, a deal that’s been in the works for more than two years, according to a person familiar with the development. The agreement for the automotive grade steel plant is likely to be approved next week by SAIL’s board, the person said, asking not to be identified as the matter wasn’t public. The two steel producers are in talks with the state governments of Andhra Pradesh and Gujarat to acquire land for the project. A joint site selection committee will choose the location within the next quarter in either of the two states, the person said. 

State-run Steel Authority of India Ltd. has finalized terms for a 60 billion rupee ($929 million) plant with ArcelorMittal to cater to the automobile sector, a deal that’s been in the works for more than two years, according to a person familiar with the development. The agreement for the automotive grade steel plant is likely to be approved next week by SAIL’s board, the person said, asking not to be identified as the matter wasn’t public. The two steel producers are in talks with the state governments of Andhra Pradesh and Gujarat to acquire land for the project. A joint site selection committee will choose the location within the next quarter in either of the two states, the person said.