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Govt to roll out red carpet to foreign players for steel projects in India

No foreign player has yet applied for any greenfield project but such players are watching the market, Steel Secretary Aruna Sharma said

Press Trust of India  |  Nashik 

The government will roll out a red carpet to big foreign players who want to set up greenfield projects and the country's manufacturing capacity is expected to rise to 150 million tonnes by 2020, according to a

Secretary said the sector provides huge growth potential against the backdrop of the country becoming the world's second largest with increasing consumption.

Stating that there had been some issues with greenfield projects earlier, Sharma said that now there is a good scope for setting up such projects.

"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," Sharma told

No has yet applied for any greenfield project but such players are watching the market, she added.

Foreign players like Posco, and have presence in the country. and have set up units in to make value-added products, but they have not gone for

has a joint venture with the state-owned steel maker SAIL for

Speaking on the sidelines of an event here last week, Sharma said, "we are sure that our will increase from the present 134 million to 150 million by 2020".

About anti-dumping issue, Sharma said the measures are just to ensure that nobody starts dumping steel at less than their cost of production.

"Even if the cost of production in is much more than our safeguard value, it only ensures that steel from does not come here for lesser than that cost and anti-dumping duty is absolutely WTO compliant," the said.

She also urged the industry to adopt new technology to reduce the use of coking coal in the production of steel.

"We have to adopt a new technology to reduce use of coking coal in steel making as and most of Asian countries minus do not have much coking coal reserves," she added.

Various options, including use of scrap for steel production, are being looked at.

"We import 7 million tonne scrap to make steel now. So there is an immediate market of 7 million tonne," she said, adding that the government would come out with a new scrap policy this year.

First Published: Sun, April 22 2018. 12:26 IST