New Delhi: State-run steel giant SAIL would invest about Rs 1,600 crore to build processing units in seven states to meet the growing demand of the metal in the country.
"Steel Authority of India Limited (SAIL) will build eight processing units in seven states at the cost of Rs 200 crore each," Steel Minister Ram Vilas Paswan told the Economic Editors' Conference here today.
The units would be set up in Bihar, Uttar Pradesh, Assam, Himachal Pradesh, Rajasthan, Madhya Pradesh and Jammu and Kashmir.
Paswan pointed out that by 2020, the sector would witness investments of Rs Rs 8,70,640 crore and the country is set to become the world's second largest producer of steel before 2015-16.
"During 2006, India emerged as the fifth largest crude steel producing country in the world and is set to become the second largest global steel producer before 2015-16," he said.
"Going by the estimate of Rs 4,000 crore investment per million tonne of additional capacity, the steel sector is likely to witness an investment of Rs 2,76,880 crore by 2012 and Rs 8,70,640 crore by 2020," he said.
Projecting that India's steel production will be nearly 124 million tons by 2012, Paswan said the country is likely to achieve an annual capacity of around 275 million tons by 2019-20.
Public sector SAIL and RINL are executing corporate plans to increase their respective capacity to more than 26 million tons and 6 MT by 2011-12. Private firms Tata Steel, Essar Steel and JSW would also raise their capacity to 13 MT, 14.5 MT and 11 MT respectively.
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