India is encouraging companies to acquire iron ore, coking coal, and other key raw material assets overseas, Steel Secretary Sandeep Poundrik said on Saturday, as the country ramps up its steelmaking capacity to meet rising demand.

“We are encouraging our companies to acquire assets abroad, right from iron ore to coking coal to even limestone and dolomite,” Poundrik said at an industry event in Mumbai. “Raw material securitization is the most important aspect of steelmaking.”

India, the world’s second-largest producer of crude steel, aims to boost its overall steelmaking capacity to 300 million tons by 2030, up from about 200 million tons currently.a