India's Ministry of Steel will invest approximately INR 4,000 million ($45 million) in state-owned steel plant Salem Steel Authority of India limited (SSP), reversing its previous plans to privatize the plant, the ministry said in a statement on Wednesday, November 26.
While finer details of the investment plans were not disclosed, the statement said the capital investment will be used to increase capacity, improve operational efficiencies and strengthen its market position.
SSP, located in the southern state of Tamil Nadu, is a manufacturer of stainless steel, stainless steel pipes, railway wagons, submersible pump components, stainless steel roofing sheets and internal liquefied natural gas (LPG) cylinders.
