China Steel to set up unit in Bharuch
Monday, September 5, 2011
The $8-billion China Steel Corporation (CSC) along with its co-investors, will invest $178 million in a new plant to produce electrical steels in Bharuch district of Gujarat. It will be the second largest Taiwanese investment in India.
It is learnt that China Steel's project will start in September and is scheduled for starting test run in October 2013. The production line will annually produce 200 thousand tonne of non-grain oriented electrical steels.
Incidentally, the investment of China Steel also coincides with the Gujarat government's plan to establish a Taiwan Technology Park to accommodate investments from Taiwan. With an annual capacity (crude steel) of nearly 10 million tonnes, China steel produces a range of products, including hot and cold rolled coils, coated coils, rods and bars. China Steel will invest $66.58 million and the rest will come from co-investors. To grab the opportunity of high growth of demand in India for electrical steels, as well as to enter the markets in West Asia, Europe and North Africa via India, the company would co-invest with international strategic partners to building an 'annealing-and-coating' line to produce electrical steel coils at Bharuch. The State will soon send an investment delegation to that country.