Japanese and South Korean firms express their interest in Indian steel sector

Steel companies from South Korea and Japan have shown interest to invest in India for manufacturing value-added products, Steel Minister Chaudhary Birender Singh told the Indian newspaper "Economic Times".  According to the newspaper, a source in the ministry said: "The steel ministry is already in talks with Posco and Hyundai Steel to explore possibilities of investing in India for producing value-added steel products."

When asked if India has written or is in talks with some foreign companies such as Posco and Hyundai Steel to form joint ventures (JVs) with state-run companies Steel Authority of India and Rashtriya Ispat Nigam Ltd , Minister Singh gave an affirmative reply according to the "Economic times".

"Yes. Whichever companies they are, they are from South Korea and Japan. They have shown their interests. In fact, they have also visited SAIL and RINL plants. We would certainly like if they come with transfer of technology through FDI for value-added products," he told the newspaper.

According to the "Economic Times", also sources in the ministry said the ministry has held several rounds of meetings and discussions to facilitate manufacturing of high-grade steel in India with the help of foreign companies especially from Korea and Japan.

Source: Economic Times. photo: fotoalia