Fortune 100 Chinese steelmaker Tsingshan Holding Group plans to invest $3 billion in Dholera
TsingshanHolding Group, a China based Fortune 100 Chinese stainless steelmaker, announced its intention to invest $3 billion in Dholera. The announcement was made by Mr Guangda Xiang, Founder and Chairman, at the Vibrant Gujarat Global Trade Show 2019 on January 18 in the presence of Hon’ble Prime Minister Shri NarendraModi.
The investment will be made in conjunction with their Indian JV partner Chromeni Steel. The company is currently involved in the setting up of a major stainless steel complex in Mundra, Kutch district. It undertook this project after signing an MOU during the Vibrant Gujarat Summit 2017. Within a year of signing the MOU, the company began the construction of the first phase of the project which is slated to be completed in a record time of 14 months.
The company is also an emerging electrical vehicle battery producer AND IS Considering setting up an electrical battery plant in DHOLERA to cater to the fast developing auto industry in India.
Considering setting up an electrical battery plant there to cater to the fast developing auto industry in India. The decision was taken after company officials and representatives visited the Dholera site and were impressed with the sterling concept of modern industry and smart city. In addition to the sterling concept of modern and smart city, officials were very happy with DHOLERA’s lowest power tariffs which would save them Millions of Dollars annually. Mr Guangda Xiang also put in a word inviting his Chinese friends and worldwide industry partners to take advantage of the buoyant business milieu of Gujarat and invest in the state of Gujarat.
Mr. Jai Prakash Shivahare, Managing Director, Dholera said, “We are delighted at this new development because TsingshanHolding Group is a leading global steelmaker with immense expertise. We are very happy that they are impressed with the Dholera project. Moreover, the company is already doing business in Gujarat and have experienced for themselves that the state offers a very conducive and encouraging business environment. It is heartening that Mr Xiang has also invited his Chinese friends and worldwide industry partners to invest in Gujarat.”
Tsingshan Holding Group was set up in 1992 and is mainly engaged in foreign investment, manufacturing, sales, warehousing and import and export. The Group mainly produces stainless steel ingots, steel bars, plates, wires and seamless tubes, which are widely applied in petroleum, chemical engineering, machinery, electric power, automobile, shipbuilding, aerospace, food, pharmacy, decoration and other fields.