Kozhikode: Steel Authority of India Limited (SAIL) has signed a memorandum of understanding with the government of Kerala for revival of the loss-making Steel Complex Limited (SCL), a 50,000 tonnes per annum company producing continuous cast billets which is used by re-rollers for producing TMT bars for the construction industry. The MoU was signed by SAIL director (personnel) G Ojha and P H Kurien, secretary, industries (investment promotion) department, government of Kerala, in the presence of Union minister for chemicals & fertilisers and steel, Ram Vilas Paswan, Kerala CM V S Achuthanandan, principal secretary to the PM, T K A Nair, and SAIL chairman S K Roongta. Under the MoU, SAIL will acquire 50% shares of SCL, which is a subsidiary of the Kerala State Industrial Corporation Limited, and the company will be operated as a joint venture between SAIL and the Government of Kerala. It is envisaged that the JV company will revamp the existing steel making and continuous casting facilities existing in SCL. Paswan said that the joint venture would be beneficial for both SAIL and SCL,depending on the financial viability. TNN