FE reported that Taiwanese steel giant China Steel Corporation has signed a MoU with government of Gujarat for setting up a INR 1,000 crore electrical steel plant in Dahej in the state.

For this purpose CSC has incorporated a subsidiary company, China Steel Corporation India Pvt Ltd.

It has acquired 50 hectares of land at Dahej GIDC and will start work for the project by June 2012. The production of electric steel is likely to start from 2014 onwards. The Dahej project will have an initial capacity of 200,000 tonnes of electric steel per annum.

The investment has been approved by investment commission, ministry of economic affairs, Taiwan, ROC.

Mr JD Lin Chairman of CSCI while addressing media said “This project is a very prestigious for us. We would be investing to the tune of USD 178 million to set up this Electrical Steel plant in Gujarat. We are quite fascinated with the vibrant state of Gujarat because of its investor friendly policies. The inherent advantages that Gujarat offers for establishing a manufacturing set up has encouraged us to enter the Indian market through Gujarat.”

He said “Our constant endeavor would be to bridge the demand and supply gap and create substantial employment opportunities for both the countries.”

(Sourced from FE & BS)