Tata Steel Announced Major Capital Investment in India Operations

SEATTLE (Scrap Monster): India-based leading steel manufacturer Tata Steel Limited announced its decision to boost capital investment in India operations during the ongoing financial year.

According to T.V. Narendran, CEO and Managing Director, Tata Steel, the company plans to invest around INR 8,000 crore in its India steelmaking operations. This is in addition to the earlier announced investment of INR 3,000 crore on its European operations.

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A major portion of the promised investment will be utilized towards completion of earlier announced expansion works at the Kalinganagar, Odisha facility. The other priorities include expansion of mining operations and recycling business. The expansion of iron ore mining capabilities will indirectly support the steel plant expansion. It must be noted that the company is already in the process of expanding the plant’s facility from existing 3 million tonnes per annum (MTPA) to 8 MTPA.

The company announced that it will continue to explore partnership model in setting up scrap recycling plants. It plans to establish additional recycling facilities in western and southern parts of the country, where scrap availability is more. It must be noted that the company had recently established a 0.5 MTPA steel recycling plant in Rohtak, Haryana, in partnership with Aarti Green Tech Ltd.