Domestic steel companies have joined hands with the Union Steel Ministry in a first of its kind initiative to boost R&D in the steel sector. The companies include SAIL, Tata Steel, JSW Steel, JSPL, RINL, NMDC and Mecon. Together, they have entered an agreement to set up a Rs 200 crore fund. While half of the amount, or Rs 100 crore, will come from the ministry's Steel Development Fund, the rest will be contributed by steel companies.
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