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India will roll out a red carpet to foreign steel firms - Steel Secretary

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Steel News - Published on Mon, 23 Apr 2018

Image Source: SteelGuru
PTI reported that Indian government will roll out a red carpet to big foreign players who want to set up greenfield steel projects and the country’s steel manufacturing capacity is expected to rise to 150 million tonnes by 2020. Steel Secretary Dr Aruna Sharma said the sector provides huge growth potential against the backdrop of the country becoming the world’s second largest alloy producer with increasing consumption. Stating that earlier there had been some issues with greenfield projects, Sharma said that now there is good scope for setting up such projects. She told PTI “Learning from the past, the land bank issues have also been taken care of now. If anybody wants to set up large units, we will roll out a red carpet for them.”

Speaking on the sidelines of an event, Dr Sharma said: “We are sure that our steel manufacturing capacity will increase from the present 134 million tonnes to 150 million tonnes by 2020.’’

No foreign player has yet applied for any greenfield project but such players are watching the market.

She also urged the industry to adopt new technology to reduce the use of coking coal in the production of steel. She said “We have to adopt a new technology to reduce the use of coking coal in steel-making as India and most of Asian countries minus China do not have much coking coal reserves.”
Source : PTI