New Delhi, Apr 16 (KNN) 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 and getting visas for Chinese experts for over six months.

While some mills got machinery on time, they could not get experts from China for new projects, one source said. India has issued guidelines to facilitate visas for Chinese engineers, according to a document and a source.

Strained ties between India and China, especially after deadly border clashes in 2020 and 2022, have been a factor.

As economic activity picks up in India, steelmakers are keen to ramp up production of high-end specialty and value-added steel even as demand falls in other major markets.

The Indian government wants to boost output of such steel used in defence, automobiles and other sectors.

(KNN Bureau)