India’s ministry of steel will invest an estimated INR 4,000 million ($45 million) in state-run steelmaker Steel Authority of India Limited’s Salem Steel Plant (SSP), thereby reversing its earlier plans for the privatization of the mill, a ministry statement said on Wednesday, November 26.
Though the finer details of the investment plans have not been disclosed, the statement said that the capital allocation would be to increase capacity, improve operational efficiencies and strengthen its market position.
SSP, located in the southern state of Tamil Nadu, is a producer of stainless steel, stainless steel pipes, railway wagons, submersible pump components, stainless steel roof sheets and domestic cylinders for liquefied natural gas (LPG).
