The Business Bytes
TBB BUREAU
NEW DELHI, JULY 17, 2022
Global steel behemoth Tata Steel plans capital expenditure (capex) to the tune of Rs 8,500 crore on its India operations during the current financial year, the company’s Chief Executive Officer T V Narendran said.
In India, the focus will be on the Kalinganagar project expansion and mining activity, Narendran, who is also the Managing Director (MD) of Tata Steel, said to a private news agency during an interview.
Tata Steel is in process of expanding capacity of its Kalinganagar steel plant in Jajpur district of Odisha from 3 MT at present to 8 MT.
The steel major will also spend about Rs 12,000 crore on inorganic growth in India in the Neelachal Ispat Nigam Limited (NINL) acquisition, said Narendran.
To recall, Tata Steel’s wholly-owned subsidiary Tata Steel Long Products Limited (TSLP) acquired the Odisha-based one Million Tonne Per Annum (MTPA) capacity steel plant NINL for Rs 12,100 crore.
Tata Steel produces close to 20 million tonnes in India.
