The CEO of Tata Steel, which is among the top three steel producing companies of the country, has given information about the company’s investment plan in India and Europe operations in the current financial year.
Tata Steel has prepared a big investment plan in the current financial year. Under this, the company will spend Rs 12,000 crore in India and Europe operations. According to the information given by the company, a plan has been made to invest Rs 8,500 crore in India in 2022-23, while Rs 3,500 crore in Europe.
PTI, Tata Steel Chief Executive Officer (CEO) TV Narendran said that this year we are going to invest Rs 12,000 crore. In India, we will focus on expansion of Kalinganagar project and mining activities. The company is going to increase the capacity of its Kalinganagar plant in Odisha from 3 million tonnes to 8 million tonnes per annum.
The effect of this news is being seen in the stock of Tata Steel on Monday. Shares of Tata Steel are trading at Rs 902 with a gain of 2 per cent.
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NIML acquired in the same month
Narendran said that Tata Steel in India is spending about Rs 12,000 crore on the acquisition of Odisha-based Neelachal Ispat Nigam Limited (NIML). NINL became Tata’s after the transfer of 93.71 percent shares of all joint venture partners on July 4 itself. Tata Steel has incorporated its wholly owned subsidiary Tata Steel Long Products Ltd. (TSLP) through NINL.
The company’s emphasis on increasing capacity The
coming of NIML to Tata is the second major disinvestment completed during the tenure of the Modi government. Earlier, after the completion of the disinvestment process of Air India, the airline company was handed over to the Tata group. Now this second big company has also come in Tata’s bag. The NINL plant was closed since March 2020 due to continuous losses. Tata Steel Chairman N. Chandrasekaran had said in a statement that he is looking to increase the capacity of Nilachal Ispat to 11 lakh tonnes per annum in the next one year.
This Big Plan of Investment in Europe
According to TV Narendran, Tata Steel has made a plan to invest Rs 3,500 crore in Europe apart from India. This amount will be spent on product mix enhancement and environmental requirements. He said that Tata Steel produces about 20 million tonnes of steel in India and it is among the top three steel producing companies in the country.