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Tata Steel and JSPL considering joining JVs between Indian and global steel plant-The 20th China (Guangzhou)Int’l Fastener & Equipment Exhibition
10/22/2018 緊固件展-緊固件采購會-國際緊固件展-fastener expo |
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Economic Times quoted steel minister Choudhury Birender Singh as saying that TATA Steel and Jindal Steel & Power Ltd are considering signing joint venture agreements with Indian and international global steel plant equipment makers and technology providers like BHEL, HEC Ltd, Primetals Technologies, Nippon Steel, Paul Wurth to buy domestically manufactured machinery. Mr Singh said 20 memoranda of understanding would be signed between Indian equipment makers and foreign technology suppliers to set up or expand local manufacturing base at an estimated investment of worth USD 5 billion over the next 10-12 years. These include tripartite agreements between Indian and global capital goods firms and steel companies for assured offtake.
India contributes to about 6% of the global steel production and is set to become the second largest producers of steel in the world.
The steel ministry is organising a conference on October 23 in Bhubneshwar to facilitate talks between foreign suppliers with Indian manufacturers to float joint ventures in India. The ministry will also consider fiscal and non-fiscal incentives to promote local equipment manufacturing for steel plants.
The foreign manufacturers are from eight countries - Luxembourg, Spain, Italy, Germany, Netherlands, Finland, China and Japan. Well known world renowned steel technology companies such as Paul Wurth, Danieli Corns, SMS, CEC, Metso, Saralle, Acre and Kawasaki, are involved in Moll signing. However, in all 12 countries are being represented at the conference, said a press statement.
The move is aimed at enhancement of domestic capacity in capital goods manufacturing for the steel sector and promote the Make in India initiative. The ministry will also assist talks between the capital goods firms and steel firms to ensure adequate order flows to the proposed joint ventures, Singh said.
The estimated import of plant and equipment for reaching 300 million tonnes steel capacity is around S25 billion. Further for meeting the spares requirement, it is estimated that the country will have to spend about $500 million annually for import of proprietary and other spares.
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-The 20th China (Guangzhou)Int’l Fastener & Equipment Exhibition
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