India seeks Japanese, Korean investment in high-grade auto steel

India has requested Japanese and South Korean steelmakers to step up their investments by building new plants in the country to produce high-grade automotive steel, a senior civil servant told Reuters.

India mainly imports the high-tensile steel from Japan and South Korea. However, demand for the auto-grade metal is rising in India as companies such as Hyundai Motor Co ramp up their production to make the country a manufacturing and export hub for small cars. The central government will encourage Japanese and South Korean companies to start greenfield projects in the country, Steel Secretary Aruna Sharma told Reuters in an interview,