Chaudhary Birender Singh Tuesday said foreign companies can immensely benefit by setting up manufacturing units in India as the country has set a target to produce 300 million tonne of steel by 2030-31. Indian steel industry is expected to invest $128 billion for creation of new capacity, Singh said adding that India will have to import large number of critical plants and equipment valued almost $25 billion to meet needs of its steel industry by 2030-31. The Steel minister said spares worth over $500 million will have to be imported every year to meet the needs of India’s steel industry by 2030-31. They (foreign companies) can set up manufacturing facilities in India on their own or through joint venture/ collaboration with Indian capital goods manufacturers, the minister said. Singh said there has been rise in the rate of steel consumption by 7 per cent in last four years and 7.9 per cent in last 2 years in the country. The steel production is being increased at the rate of 6.7 per cent, he pointed out. 38 MoUs including about a dozen by foreign companies, were signed worth investment of Rs 39,400 crore in the Capital Goods for Steel Sector.