Tata Steel has gone for a 50:50 joint venture of its European steel businesses and Thyssenkrupp AG.

The company’s board has also adopted resolutions for the signing of the definitive agreement. This follows the signing of a memorandum of understanding(MoU) in September 2017, Tata Steel said in a BSE filing.

According to the filing, the formal execution of the definitive agreements is expected shortly.

The proposed JV between two of the world’s major steel companies will combine Thyssenkrupp’s and Tata Steel’s European steel operations to create Europe’s second-largest steelmaker after steel tycoon Lakshmi N Mittal’s ArcelorMittal, reported PTI.