The project, which will be implemented in the southern state of Andhra Pradesh, will be built under the government's Production Incentive Scheme (PLI) and will be eligible for tax incentives to create additional special steel production facilities in accordance with the scheme's regulations, the sources said.
According to industry sources, amorphous steel offers advantages over conventional silicon steel used in electrical transformers because it reduces losses by about 30 percent and increases overall energy efficiency.
India is heavily dependent on imports of electrical steel, while its total market is estimated at about $2-3 billion and is projected to grow to $4 billion by 2030.
