Bullish on the infrastructure development activity in India, a leading Chinese iron and steel manufacturer Shougang Group on Wednesday announced its foray into the country with opening of an office in India.
The company has recently set up its first base at Gurgoan near Delhi, which will provide engineering consultancy services to the construction companies in the country, Shougang International Trade and Engineering Corporation, President Zhang Longjin said.
Shougang International Trade and Engineering Corporation, a subsidiary of Shougang Group, has been doing business since early 90s with the domestic players and so far the company has clocked a turnover of $130 million from its India operation.
"In 2005 alone, we did business worth $1 million in India as the country witnessed lots of activities in the steel sector," he said.
The company is bullish about India as the country's infrastructure is still at a nascent stage. "India's infrastructure woes are similar to the situation China faced 25 years ago. So we expect lots of activity in the infrastructure sector in India," he said.
Comparing China's infrastructure with India, Longjin said China's infrastructure has reached a stagnant level, so, "we expect India to give lots of business opportunities".