"There is a very vibrant investment community sitting in Singapore," he said after addressing an investor forum in which he gave an update on the steel industry in India. Faced with fund crunch for their expansion plans, Indian
steel makers are on a three-day visit to Singapore. The delegation, led by Chaudhary, comprises representatives of both public and private sector firms, have held a series of meetings with Singapore-based investors.
Indian demand for steel less affected than Europe: CARE
On stake sale in SAIL , he said the Finance Ministry is expected to decide on a date soon on divesting 10 per cent in SAIL, he said.
"It (disinvestment) will happen soon...and as such we have to keep the potential investors up to date on the industry," he said.
"We have a plan to divest SAIL in the short-term. So, it is necessary to engage the investing community, try to ensure that they have a holistic picture of the steel sector, rather than reading from the media," he said.
Wooing investors, including state-owned Temasek Group and Government Investment Corporation of Singaproe (GICS), he said the Indian steel sector has grown by 5 per cent last year compared 1.2-1.4 per cent recored by the global industry. "So it is important to talk to them (investors) directly to be able to understand what their concerns are and be able to address those concerns," he added.
Chaudhary said a the steel industry investment promotion delegation would also visit investors in Hong Kong, and major investment centres in Europe and the US at later dates.
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