Sinosteel in talks to set up steel plant in India

Sinosteel in talks to set up steel plant in India
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First Published: Fri, May 04 2007. 05 06 PM IST
Updated: Fri, May 04 2007. 05 06 PM IST
By PTI
New Delhi: Chinese steel maker Sinosteel Corporation has evinced interest in setting up an integrated greenfield plant in Jharkhand, Rajya Sabha was informed on 4 May.
In a written reply, Minister of State for Steel Akhilesh Das said Sinosteel Corporation of China has approached the Jharkhand Government for setting up an integrated steel plant in the state but no memorandum of understanding has been signed in this regard so far.
He said that government allows 100% foreign direct investment in steel sector under the automatic route, and hence no prior approval is required. Replying to another question, Das said, the planned investment of Rs37,000 crore for SAIL’s capacity expansion is slated to go up as the production targets envisaged are being re-worked.
“SAIL has drawn out expansion plans for its alloy units at Salem steel and Vishvesvarya iron and steel plant. Post- expansion, the total production of saleable steel from these plants would go up to 10 lakh tonne per annum from the present 4.5 lakh tonne,” he added.
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First Published: Fri, May 04 2007. 05 06 PM IST
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