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Japanese, South Korean firms evince interest in Indian steel sector: Minister

Press Trust of India  |  New Delhi 

companies from and have shown interest to invest in for value-added products, Chaudhary said.

A source in the ministry said: "The ministry is already in talks with and to explore possibilities of investing in for producing value-added "

When asked if has written or is in talks with some foreign companies such as and to form joint ventures (JVs) with state-run companies (SAIL) and (RINL), Singh gave an affirmative reply.

"Yes. Whichever companies they are, they are from and 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

Sources in the ministry said the ministry has held several rounds of meetings and discussions to facilitate of in India with the help of foreign companies especially from Korea and

In November, of met and said that and might form JVs with RINL in due course of time.

also requested the top to assure iron-ore linkage and incentives to the Korean companies for making them invest in India.

During the same month, of Japan also met the regarding setting up of JVs or of high grade in India.

The 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 through value addition and form JVs with global leaders for technological know-how, he had said.

"Transfer of technology for production of 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.)

First Published: Sun, January 13 2019. 11:55 IST