Pradhan updates on business potential

Japanese steel majors are keen to expand businesses and increase investments in India, according to their discussions held with Steel Minister Dharmendra Pradhan.

JFE Steel Corp, which has a long association with Indian Steel Sector, is keen to expand its presence while Nippon is enthusiastic to expand its investments in the Indian market.

Pradhan met the Japanese steel executives and highlighted the investor-friendly steps taken by India recently, like reduction in corporate tax, bettering Rank in Ease of doing business, tax incentives for new companies and new investment.

He also called upon the Japanese Steel industry to be part of the growing Indian story, said the Steel Ministry on 25 Oct 2019.

Pradhan met with Masayuki Hirose, Vice President, JFE Steel Corporation, one of the largest Steel manufactures with a strong research division involved in research and development of innovative technologies for the Steel industry in an environment friendly way.

The Minister also met Katsuhiro Miyamoto and Mr Taisuke Nomura from Nippon Steel Corporation’s Global Business Development team. Nippon is amongst the largest steel makers in the world, providing products for construction sector, automobiles industry, locomotives, and shipbuilding etc.

He also met with representatives of Daido Steel Co Ltd in Tokyo. Daido is one of the world’s largest speciality steel manufactures, also dealing in high-performance materials, magnetic materials, parts for the automobile industry and industrial equipment.

Daido Steel has good presence in India through its joint ventures and various subsidiaries.

During the meeting, ways to further strengthen cooperation through technology transfer and sharing of best practices to make the Indian Steel industry become more cost-effective were discussed. fiinews.com