ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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COURTING NRIs-Why Be So Tentative

Bypassing Domestic Industry AN investment of around Rs 11,000 crore is envisaged in the public sector steel industry upto the end of the Eighth Five- Year Plan (1990-95). Besides this, the Tkta Iron and Steel (TISCO) plans to invest Rs 2,200 crore on modernisation, expansion (and diversification?) over the next seven years. As part of this investment plan, TISCO's saleable steel capacity is to be expanded from 1.7 million tonnes per annum (mtpa) to 2.7 mtpa. Further, investment in a few, smaller direct reduction (DR), electric furnace (EF) and rolling mill plants in the private sector is underway to meet additions to steel demand, including for special (carbon and alloy) steels. Here, one can readily mention Essar Steel's 8,80,000 tpa sponge iron plant at Hazira in Gujarat, Bihar Sponge Iron's 1,50,000 tpa sponge iron plant, and the mini-steel and rolling mills of the Mittal group.

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