Steel ministry to facilitate JV talks between foreign, local manufacturers

1-Oct-2018

Global steel plant equipment makers, including Primetals Technologies, Nippon Steel, Paul Wurth, Danieli Corus and Thyssenkrupp, are expected to hold negotiations next month with domestic firms such as Bharat Heavy Electricals Ltd, HEC, Jindal Steel & Power Ltd and Larsen & Toubro to set up manufacturing facilities in India to tap $28-billion opportunities in the next 10-12 years.

The steel ministry is facilitating talks between foreign suppliers with Indian manufacturers to float joint ventures in India. The move is aimed at enhancing domestic capacity in capital goods manufacturing for the steel sector and promote the ‘Make in India’ initiative, a senior government official said. The ministry will also assist talks between the capital goods firms and steel makers to ensure adequate order flows to the proposed joint ventures.

“The ministry is organising a conference on October 23 in Bhubaneswar to facilitate domestic capital goods manufacturing in India. Senior executives of global companies are likely to attend the conference to hold discussions with Indian equipment makers like BHEL, L&T and HEC. Steel companies including state run Steel Authority of India and RINL will also be present to engage in talks for equipment orders,” the official said.

“The conference aims to bring together foreign technology, Indian manufacturers and buyers to encourage the manufacture of equipment in India,” the official said. He said the government proposes to utilise emerging opportunities to transform India into a global manufacturing hub for steel plant equipment.

The foreign suppliers will be invited to have JVs with Indian manufacturers and set up manufacturing facilities here to serve as a base to cater to domestic as well as overseas markets.

The National Steel Policy 2017 envisages creation of 300 million tonnes of capacity in the country by 2030-31at an investment of up to $128 billion in primary and secondary steel sectors.

Source: THE ECONOMIC TIMES