Public sector company Steel Authority of India Limited (SAIL) has set a target to produce 50 million tonnes per annum (MTPA) of steel by 2025 at an estimated investment of Rs 1,50,000 crore, Union Minister for Steel and Mines Narendra Singh Tomar said here on Monday.
"As per World Steel Association figures for the period January-April 2015, India has become the third largest steel producer in the world leaving the United States of America behind. Our target is to reach second position in the by 2020," Narendra Singh Tomar told a press conference outlining achievements of one year of Prime Minister Narendra Modi's government.
SAIL's steel plants are being expanded from a capacity of 13 MTPA to 23 MTPA, at an investment of Rs 61,000 crore. The long term plan is to take SAIL's capacity upto 50 MTPA by 2025, at an estimated investment of Rs 1,50,000 crore, the minister said. Last year, the ministry placed a special emphasis on timely completion of modernisation and expansion of public sector companies under the Ministry of Steel, he said.
On April 1, 2015, the Prime Minister dedicated the modernised and expanded steel plant of SAIL in Rourkela to the nation, he said. The ministry has also set up a Steel Research and Technology Mission of India at an initial allocation of Rs 100 crore which will be augumented by another Rs 100 crore contributed by private sector companies, in order to air research and development in the steel sector, he said.
"In order to enhance steel production, and encourage the 'Make In India' initiative in the steel sector, we are also working on a Special Purpose Vehicle (SPV) dedicated to the steel industry. In the first phase, we plan to establish steel plants through the SPV route in Chhattisgarh, Odisha, Jharkhand and Karnataka," he said.
Source:moneycontrol.com
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