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Overseas Investment in Steel Sector

May 14, 2012

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Press Information Bureau

Government of India

Ministry of Steel

14-May-2012 14:23 IST

The Minister of Steel, Shri Beni Prasad Verma has said that there is a net increase in foreign direct investment inflows into the country in the metallurgical sector, including steel sector, during the last three financial years. The details are given below:

Year

Amount of FDI inflows *

In Rs. Crores

In US$ Million

2009 – 10

1,999.30

419.88

2010 – 11

5,023.34

1098.14

2011 – 12

8,242.42

1,765.07

(*Source: Department of Industrial Policy & Promotion, Ministry of Commerce)

Following are the major investments proposed by foreign steel producers in the Indian steel industry in the last three years:

Proposals to set up steel plants in India*

Producer

Proposed State

Proposed Annual Capacity

Proposed Investment (Rs. Cr.)

Posco

Orissa

12 mtpa

52,000

Posco

Karnataka 

6 mtpa

32,000

Arcelor-Mittal

Orissa

12 mtpa

40,000

Arcelor-Mittal

Jharkhand

12 mtpa

50,000

Arcelor-Mittal

Karnataka 

6 mtpa

30,000

NMDC-Severstal

Karnataka

3 mtpa

Both will jointly invest Rs. 9,000 crore

Tata Steel-Nippon Steel

Jharkhand

60,000 tonnes

2300

(*Source: Joint Plant Committee)

  • In a written reply in the Lok Sabha today Shri Verma said, in addition to these, the following are some of the major investments made by foreign investors in the Indian steel industry:
  • Acquisition of 14.99 per cent stake in JSW Steel Ltd. by JFE Holdings of Japan.
  • Acquisition of 29 per cent stake in Uttam Galva Steels Ltd. by Arcelor-Mittal.

The Minister said, in order to monitor and coordinate various issues concerning major steel investments in the country, an Inter-Ministerial Group (IMG) has been constituted. Inter Ministerial Group (IMG) on steel sector is a forum to coordinate, monitor and review issues affecting major steel sector investments. The individual issues raised during the IMG meetings are further dealt by the concerned Ministries/Departments and State Governments in accordance with the provision of the extant rules and policies.

***

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