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Indian JV Inaugurates New TMT Bar Mill
08/18/2015 - The Steel Authority of India Ltd. in partnership with another company are opening a new mill capable of producing 100,000 tonnes annually of thermomechanically treated bar, India's The Economic Times reports.
According to The Times, the mill is a joint venture between SAIL and TMT trader and manufacturer Prime Gold Private Ltd., which has a majority 74-percent stake in the business.
SAIL, which holds a 26-percent stake, will support the mill with 60,000 tonnes of billets per year. It also will market the bars produced by the mill, according to The Times.
"With establishment of this steel processing unit, a number of employment opportunities will be generated and a number of development avenues will open up for the local population," said Narendra Singh Tomar, India's steel and mines minister, who helped to inaugurate the mill.
"This unit is a firm step towards achieving the goals of Make in India. The steel sector contributes to more than 2 percent of the GDP and employs around (600,000) people, and we plan to increase this number manifold," Tomar said at the event, according to The Times.
SAIL, which holds a 26-percent stake, will support the mill with 60,000 tonnes of billets per year. It also will market the bars produced by the mill, according to The Times.
"With establishment of this steel processing unit, a number of employment opportunities will be generated and a number of development avenues will open up for the local population," said Narendra Singh Tomar, India's steel and mines minister, who helped to inaugurate the mill.
"This unit is a firm step towards achieving the goals of Make in India. The steel sector contributes to more than 2 percent of the GDP and employs around (600,000) people, and we plan to increase this number manifold," Tomar said at the event, according to The Times.
