China-backed Tsingshan Industrial India continues growth goals on the $1.7-2bn India Chromeni Steels investment. The company aims to develop into the world’s largest integrated stainless-steel hot and cold coiling coil manufacturing plant. With target goals stretching over 5-6 years, the company has set a goal to produce 4mn mt of hot rolled coils in mainly the 200-300 series by 2025.
Chromeni Steels is a joint venture established by Qingshan Industrial and consisting of Sunrise Group, Suncity Group, JP ISCON, and VD Group.
The project is divided into three phases. The first phase began construction in January 2018 with a completed facility by August 2019. China Yiye was mainly responsible for the construction of the first phase of the cold rolling project. Qingshan invested US$150 million to start a 600,000mt stainless steel cold-rolling unit. The company aims at achieving an output of 1mn mt of rolled coil in 2021 and an additional 1mn mt by 2022.
Phase two is the construction of a 3mn mt stainless steel hot rolling and smelting plant. In the final phase, a 1-1.4mn mt stainless steel cold rolling machine will be built.
The India Chromeni Industrial Park is located in Mundra, Gujarat. The large size, high capacity, and advanced technological features are anticipated to help the firm’s growth. Additionally, with the Mundra Port, one of India’s busiest, in close proximity, there is vast potential for domestic and export opportunities.
Management believes that the company will employ 12,000-15,000 directly at the end of full construction and 50,000-60,000 indirectly.