Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now

You can switch off notifications anytime using browser settings.
The Economic Times

Pradhan seeks investments from Japanese Nippon, Daido Steel

Union steel minister Dharmendra Pradhan on Friday met officials of Japanese steel majors Nippon Steel and Daido Steel in Tokyo and invited them to invest in domestic steel industry.

Pradhan discussed with Daido Steel's officials ways to further strengthen cooperation through technology transfer and sharing of best practices to make the local steel industry more cost-effective, an official statement said.

The statement said Nippon is enthusiastic to expand its investments in India. Pradhan invited them to bolster their presence under the Make In India initiative.

Pradhan along with senior officials of the ministry is in Japan to attend the two-day Global Forum on Steel Excess Capacity (GFSEC). Steel companies in Japan have already shown interest to invest in Indian manufacturing activities.

Daido is one of the world's largest specialty steel manufacturers dealing in high-performance materials, magnetic materials, parts for the automobile industry and Industrial equipment. It has presence in India through joint ventures and various subsidiaries
In a meeting with the officials of Nippon Steel Corporation's Global Business Development, Pradhan apprised them about the India's large market with a growing economy and steel consumption.

As per estimates, India is the world's third largest steel consuming country. The government has also set an aim to increase the per capita steel steel consumption to 160 kg by 2030.

In a tweet, Pradhan said "Met with Katsuhiro Miyamoto and Taisuke Nomura from Nippon Steel Corporation's Global Business Development team. India has a large market with a growing economy and steel consumption."

Nippon is amongst the largest steel makers in the world, providing products for construction sector, automobiles industry, locomotives, and shipbuilding.
Stay on top of business news with The Economic Times App. Download it Now!