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India to woo Singapore investors in Steel industry

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Steel-SliderSINGAPORE, Jan 18 — Indian Government’s Steel Secretary D R S Chaudhary has projected the potential of Indian steel industry before Singapore investors, including state-owned Temasek Group and Government Investment Corporation of Singapore (GICS), reports Press Trust of India (PTI).

Chaudhary said the Indian steel sector has grown by five per cent last year against 1.2-1.4 per cent posted by global industry.

“There is a very vibrant investment community sitting in Singapore,” he said after addressing an investor forum in which he gave an update on the steel industry in India.

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Faced with fund crunch for their expansion plans, Indian steel makers are on a three-day visit to Singapore.

The delegation, led by Chaudhary and comprises representatives of both public and private sector firms, have held a series of meetings with Singapore-based investors.

On stake sale in Steel Authority of India Limited (SAIL), he said the Finance Ministry is expected to decide on a date soon on divesting 10 per cent in SAIL, he said.

“It (disinvestment) will happen soon…and as such we have to keep the potential investors up to date on the industry,” he said.

“We have a plan to divest SAIL in the short-term. So, it is necessary to engage the investing community, try to ensure that they have a holistic picture of the steel sector, rather than reading from the media,” he said.

Chaudhary said a the steel industry investment promotion delegation would also visit investors in Hong Kong, and major investment centres in Europe and the United States at later dates.
 — BERNAMA