BlueScope Steel, which is the biggest steel maker in Australia, has expressed that it sees a high growth potential in India.

The company has a joint venture with Tata Steel called, Tata BlueScope Steel. Both the comoanies have an equal stake in the venture, which is estimated to achieve a turnover of Rs 2,000-2,500 crore from several projects in the country.

Tata BlueScope Steel has launched mid-stream coated steel facility at Jamshedpur and three other downstream manufacturing facilities at Bhiwadi in Rajasthan, Pune in Maharashtra and Sriperumbudur in Tamil Nadu.

BlueScope Steel Managing Director and Chief Executive Officer Paul O’ Malley said, “India is an economic powerhouse and there are true opportunities here.” He was speaking at an event to mark the launch of the new facility on Wednesday.

The company is planning to set up a blast furnace or an upstream steel making facility in the country and will purchase steel from Tata Steel. The company will invest about Rs. 880 crore in the new facility.

BlueScope Steel posted A$47 million earnings before interest and taxes (Ebit) from its Asian operations and an overall a net loss of A$530 million. The company also maintains a significant presence in China.