Steel Authority of India planning to invest Rs 37,000 on expansion

Mittal Steel is the world’s largest steel producer and their entry into the Indian market has certainly led to existing players waking up and looking around for space.

Tata Group has already announced that they are planning to hike their stake in the Tata Steel and now the Steel Authority of India has announced its plan for a mega Rs 37,000 crore investment in the next three years.

SAIL further plans to expand its production capacity from 14.5 million tonnes per year to 22.5 million tonnes over the next five years.

The decision was taken by the Minister for Chemicals and Fertilizers and Steel Ram Vilas Paswan who reviewed the plan and gave his permission for the expansion. It was also decided that the investments would be made over a period of three years rather than the originally planned five years.