Chinese steel firm looks for joint venture with India

Sunday, 25 March 2007, 05:00 Hrs
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New Delhi: India and China are to explore modalities of possible cooperation in production of high-grade steel. A four-member delegation of the Chinese steel major, Wuhan, called on Minister of State for Steel Akhilesh Das and expressed interest for joint ventures in India, an official release said. Delegation leader and chief of Wuhan Deng Quilin apprised the minister of their technological capability in manufacturing of high-grade steel and special steel, particularly for use in the automotive sector. They appreciated the growing Indian steel market and the need for joint ventures in production of high-grade steel. Steel Authority of India Ltd (SAIL) chairman S.R. Roongta, who was present during the meeting, said his firm was embarking on an expansion plan and there was ample scope for both the companies to cooperate. Das asked both sides to work out the modalities for cooperation. Wuhan is the largest state-owned steel company in China with a capacity of 20 million tonnes. It has expertise in making automotive steel and high-grade steel for speciality use.
Source: IANS