Steel ministry to facilitate JV talks between foreign, local manufacturers

Global steel plant equipment makers, including Primetals Technologies, Nippon Steel, Paul Wurth, Danieli Corus and Thyssenkrupp, are expected to hold negotiations next month with domestic firms such as Bharat Heavy Electricals Ltd, HEC, Jindal SteelNSE -3.06 % & Power Ltd and Larsen & Toubro to set up manufacturing facilities in India to tap $28-billion opportunities in the next 10-12 years. The steel ministry is facilitating talks between foreign suppliers with Indian manufacturers to float joint ventures in India. The move is aimed at enhancing domestic capacity in capital goods manufacturing for the steel sector and promote the ‘Make in India’ initiative, a senior government official said. The ministry will also assist talks between the capital goods firms and steel makers to ensure adequate order flows to the proposed joint ventures. “The ministry is organising a conference on October 23 in Bhubaneswar to facilitate domestic capital goods manufacturing in India. Senior executives of global companies are likely to attend the conference to hold discussions with Indian equipment makers like BHEL, L&T and HEC. Steel companies including staterun Steel Authority of India and RINL will also be present to engage in talks for equipment orders,” the official said.