India's Ministry of Steel will invest $28 million in research and development of new production technologies for cold rolled grain oriented (CRGO) steel sheets and other value-added innovative steel products, a ministry official said on Thursday, May 16.
The official said that $6 million will be invested in the current financial year and the entire budget of $28 million will be invested by 2017 on focused R&D projects. The investment in the development of new technologies for CRGO and innovation of steel products was recommended by
India's Planning Commission to enable domestic steel producers move up the value-chain, the official said.