New Delhi, April 7 (KNN) A Memorandum of Agreement has been signed between the major Indian Steel Companies and the Ministry of Steel for setting up of a Steel Research & Technology Mission of India (SRTMI).
 
The agreement was signed in the presence of Narendra Singh Tomar, Minister for Steel & Mines in New Delhi and makes a new beginning in the R&D of steel sector in the country.

SAIL, Tata Steel, JSW Steel, JSPL, RINL, NMDC & MECON are the participating companies who have signed the agreement today for setting up of SRTMI with an initial investment of INR 100 crores while the ministry is contributing another 100 crores through from the Steel Development Fund.
 
Currently in India the investment on R&D in the steel sector is somewhere between 0.2 to 0.3 percent of the turnover as against the global benchmark of 1-2 percent. With the opening up of this institution which is an industry-led initiative, it is expected to promote collaborative research programmes in the steel sector.
 
SRTMI will carry out R&D in priority areas of national importance covering best usage of available raw materials & conservation of natural resources, optimum energy conservation & minimum emissions, innovations and in-house development of design, engineering & manufacturing facilities of key steel plant equipments.
 
Speaking on the occasion, Narendra Singh Tomar said that the joint initiative of steel industry and government will definitely yield results, if same enthusiasm spirit is maintained at all times. In a country like India where majority of population comprises of youth, steel industry can play a major role in creating employment, he added.
 
A governing body will also be formed comprising of CEOs of these steel companies and representative from the ministry and other domain experts to govern the proceedings of the institution.
 
SRTMI is an outcome of the prolonged deliberations of the Task Force set up by the Ministry of Steel. (KNN/VV)