SAIL, KIOCL to form Rs. 450-cr JV for coke oven battery.

SAIL and KIOCL, two PSUs under the Steel Ministry, are set to ink a joint venture partnership for setting up a three lakh tonne coke oven battery and a captive power plant at an estimated investment of Rs. 450 crore in Karnataka. Sources close to the development said the facility would be a win-win proposition for both Steel Authority of India and KIOCL, formerly known as Kudremukh Iron Ore Company. "The coke oven battery will help KIOCL to run its blast furnace viably on stand-alone basis and would act as a backward integration project. SAIL's Bhadrvati unit also needs coke," the source said. Coking coal is converted into coke in ovens. The future of SAIL's loss-making Visvesvaraya Iron and Steel Plant at Bhadravati can change its prospects with better and assured availability of coke, a raw material for steel making. The proposed shareholding of the project is yet to be arrived at. Ditto for the off-take agreement and details of estimated investment of Rs. 425 crore. BS