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 Ltd (SAIL) and Rashtriya Ispat Nigam Ltd (RINL), Minister Singh gave an affirmative reply.
"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 PTI.
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.
The minister earlier had said public sector companies have advantages such as captive mines and they must go for value-added special grades of steel.
India should cut its dependence on special steel product imports through value addition and form JVs with global leaders for technological know-how, he had said.
"Transfer of technology for production of automotive steel and other special steel will be facilitated by helping set up JVs with global leaders in such products," the minister has said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)