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The Times of India reported that India would become the third largest steel maker, with an installed capacity exceeding 110 million tonnes per annum by 2015 when the ongoing expansion projects of SAIL and some private steel makers come on stream.
This is in line with the Mr Narendra Modi-led NDA government's target of achieving steel-making capacity of 300 million tonne per annum to make India the second largest producer of steel in the world by 2025, overtaking US, Japan and European Union.
With the economy coming out of its worst slowdown in years, all major steel makers such as TATA Steel, JSW and SAIL have made detailed presentations to the government to add an additional 100 million tonne per annum of steel-making capacity with an investment of over INR 6 lakh crore in just over 10 years.
India's current steel production capacity stands at 96 million tonne per annum and produces 81 million tonne per annum of finished steel and 72 million tonne per annum of finished products.
A CEO of a private sector steel firm said that "The government invited us for discussions on capacity expansions to reach 300 million tonne per annum by 2025. We have shared our expansion plans with them. The ministry promised to remove the bottlenecks."
This includes a INR 1.50 lakh-crore investment by state-owned SAIL alone, which would enable it ramp up capacity to 50 million tonne per annum by 2025 and emerge as India's largest steel maker.
In the private sector, Mr Sajjan Jindal-led JSW Steel plans to invest INR 1.32 lakh crore to ramp up its steel-making capacity to 40 million tonne per annum to be India's largest private sector steel manufacturer.
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- [Editor:sunzhichao]
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