India welcomes investors with modern tech in steel sector

Posted on 03 July 2017

Source: Taiwan News

As India aims to increase its steel output to 300 million tonnes (MT) by 2030, it has invited foreign investors with modern technology to set up steel plants. 

"If somebody comes with a new technology with any joint venture or some company from abroad wants to put their plant they are also welcome," Steel Minister Chaudhary Birender Singh told the Press Trust of India. 

"The ministry is quite open to this. Any transfer of technology will be welcomed. May be they can have joint ventures, they can have MoUs," the minister said.

The government aims to more than triple the crude steel output in the country from current 97 MT to 300 MT.

"In such a situation they would be coming with a new technology ... In this sector even 100 per cent FDI is allowed. So they have all their funds utilized for that. That means this would also serve to have sufficient FDI ... Our target by 2030 is 300 MT. We are going to create this capacity,” the minister said.

In 2016-17, India's crude steel production was at 97.385 MT, registering a growth of 8.5 per cent over the same period last year.

SAIL and ArcelorMittal have already inked a pact to set up a Rs 5,000-crore auto-grade steel plant. The joint venture is in the final stage and is progressing fast. It will produce high-end steel based on the latest technology. 

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