Japanese Conglomerate to Invest in SEZ, Steel Plant in Gujarat
Aug. 6 – Japanese conglomerate Mitsui and Co. Ltd. and Indian industrial conglomerate Ruchi Group have announced plans to establish a special economic zone that will include a US$1 billion steel complex in western India’s Tagdi village in Kutch, Gujarat.
The joint venture, Indian Steel Corp. Ltd. (ISC), aims to expand steel service centers around the country. ISC already has 50 hectares of land for the project in Kutch and is waiting for the local government to make 950 hectares available for development.
The steel plant will have a capacity to produce 1.2-1.5 million tons initially with plans to eventually increase production to 3-4 million tons. A sluggish domestic economy has forced many Japanese companies to look overseas for expansion.
More Japanese investors are expected to come in when the Delhi-Mumbai Industrial Corridor is fully developed. The corridor will have a vast scope spanning six states including freight facilities, 11 investment regions and 13 industrial areas.
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