The government plans to set up new steel plants on surplus land available with PSUs by forging partnerships with the private sector to help more than double steel production capacity to 300 million tonnes by 2030.
The Cabinet on Wednesday approved the New Steel Policy that aims to achieve 300 million tonnes of capacity by 2030 with an additional investment of ₹10 lakh crore. At present, the steel production capacity is 126 million tonnes.
Stating that the land acquisition is an issue under the new law, Steel Minister Chaudhary Birender Singh said the government plans to utilise the surplus land of steel PSUs to set up new plants through joint ventures with private firms. “If we have to create steel-making capacity of 300 million tonnes, we cannot wait for [a] long time,” he said.
He favoured vertical development for making the best use of the land.
SAIL JV
The proposed joint venture between state-owned SAIL and ArcelorMittal to set up a ₹5,000 crore auto-grade steel plant may be finalised this month, the minister said.
“May is the last month to click or not to click. We may clinch this deal,” the Minister told reporters here when asked about the joint venture.
