New Delhi, April 16 -- Leading Indian steelmakers fell short of their investment target for the fiscal year ended March 2024, due to delays in importing machinery from China and securing visas for Chinese experts, according to a government document seen by Reuters.
Under a 2020 incentive program, 27 steelmakers like JSW Steel, Tata Steel and ArcelorMittal Nippon Steel had signed agreements to invest 210 billion rupees (USD 2.52 billion) in 2023/24.
However, the companies managed to invest only 150 billion rupees, two sources said.
The delays have slowed capacity expansion in India, the world's second-largest crude steel producer, even as domestic demand remained robust.
Steelmakers faced difficulties importing equipment from China a...