Taiwan-based integrated steelmaker China Steel Corporation (
CSC) plans to invest $66.58 million in a new plant to manufacture electrical steel in the Bharuch district of the state of Gujarat in western
India.
CSC will have a 37.4 percent stake in the project in which total investment amounts to $178 million along with the funds coming from other investors.
CSC plans to sell as much as NTD 20 billion (US$689.9 million) in bonds in
Taiwan this year to help finance the investment.
According to
CSC's statement, the investment will allow the company to meet the high demand for electrical steel sheets in
India and will help it to enter other markets such as the Middle East, Europe and North Africa.
The
production line will annually produce 200,000 mt of non-grain oriented electrical steel. Construction work on the project will start in September this year and test runs are scheduled in October 2013.