Friday, March 31, 2023

Tata Steel signs MoUs with the Ministry of Steel under the PLI Scheme


Tata Steel Limited, Tata Steel Long Products Limited and The Tinplate Company of India Limited have signed MOUs for 8 product categories

Jamshedpur, March 17: Tata Steel Limited, Tata Steel Long Products Limited, and The Tinplate Company of India Limited today have signed MoUs for eight product categories with the Ministry of Steel under the Production-linked incentive (PLI) Scheme for specialty steel.

A total of 57 MoUs with 27 companies covering 20 sub-categories were signed with the Ministry. The Union Minister of Steel and Civil Aviation, Jyotiraditya M Scindia, and senior officials from the Ministry of Steel and steel companies were present on the occasion.

Chanakya Chaudhary, Vice President, Corporate Services, Tata Steel said: “We are thankful to the Ministry of Steel for driving the PLI scheme, which would go a long way in realising the National Steel Policy 2017 both in terms of scale and quality of products needed for consumers.”

The Indian Steel Industry has been on a growth trajectory for the last few years and is currently the second-largest producer globally. Steel is also one of the sectors driving the much-needed private investment in the country. The MoU signing marks a significant milestone for Tata Steel, enabling the Company to further enhance its capabilities and contribute to the Government’s vision of Atmanirbhar Bharat. The PLI scheme is aimed at encouraging domestic as well as foreign companies to manufacture specialty steels needed for high-end applications.

Production-linked incentive (PLI) Scheme for specialty steel was approved by the Union Cabinet on July 22, 2021, with a five-year financial outlay of Rs 6322 crore to promote manufacturing within the country by attracting capital investment, generating employment, and promoting technology up-gradation in the steel sector.

Govt plans to introduce PLI 2.0 for specialty steel: Union Minister

The government is planning to introduce the second edition of the PLI scheme for specialty steel to boost production of value-added steel in the country, Union Minister of Steel Jyortiraditya Scindia said on Friday.

The minister was speaking at the PLI Scheme for Specialty Steel MoU signing event in the national capital. It was attended by the companies selected to invest under the Rs 6,322-crore scheme.

“Today is an important day in the history and future of the steel industry. PLI 1.0 is not a full stop, it is the beginning of the journey. Our ministry is already looking at PLI 2.0,” he informed the participants of the first edition of PLI for specialty steel.

The minister further asked the industry stakeholders to share their suggestions and feedback so the next PLI Scheme for specialty steel can be prepared at the earliest.

Minister of State (MoS) for Steel Faggan Singh Kulaste said the scheme has received tremendous response from interested parties and will prove to be a “game changer” for the industry.

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