Metallurgical sector attracted Rs 5,023 cr FDI in FY'11

NEW DELHI: The country's metallurgical sector garnered Rs 5,023.34 crore in Foreign Direct Investment in the 2010-11 financial year, a 150 per cent increase compared to the previous fiscal, Parliament was informed today.

The sector, which also includes steel, had attracted over Rs 1,999 crore in FDI in FY'10, Steel Minister Beni Prasad Verma said in the Lok Sabha.

Quoting statistics from the Department of Industrial Policy and Promotion ( DIPP), he added that the metallurgical sector attracted Rs 4,152.56 crore in FDI in 2008-09.

Japanese firm JFE Holdings had bought a 14.99 per cent stake in JSW Steel last fiscal.

Furthermore, global steel majors Posco and Arcelor-Mittal have proposed an over Rs 2 lakh crore investment in India, he said.

While Posco plans to establish 18 million tonnes per annum (mtpa) of steel capacity at an investment of Rs 84,000 crore, Arcelor-Mittal intends to put up plants with a cumulative capacity of 30 mtpa at an outlay of Rs 1.2 lakh crore.

In a separate reply, the minister said the country's total finished steel production in 2010-11 amounted to 66 million tonnes, while demand stood at 65.6 million tonnes.