More investment in future as projects pending for approval: Chanakya
Jamshedpur/New Delhi, August 28: Domestic steel giant Tata Steel on Saturday expressed commitment to invest Rs 3,000 crore in Jharkhand in the next three years to augment capacities.
The commitment was made at the launch of Jharkhand Industrial and Investment Promotion Policy (JIIPP) 2021 in Delhi during the closing of the two-day Investors’ Summit hosted by the Jharkhand government.
“Tata Steel plans to invest Rs 3,000 crore in the next three years in Jharkhand with the expansion of capacities of coal and iron ore mines and downstream value-added steel portfolio,” Chanakya Choudhary, Vice President – Corporate Services, Tata Steel told on the sidelines of the function at Hotel Taj in Delhi.
Choudhary said, Tata Steel was in Jharkhand for the past 114 years and it was home to the steel company.
“We celebrated 114 years of operation on August 26 and all new investors can see how Tata Steel has grown and been successful in the state,” said Choudhary adding that more investment would come up in Jharkhand as several other projects are pending approval by the Tata Steel board.
The chief minister Hemant Soren said that an upgraded industrial policy has been prepared and it is a matter of pride that Tata Steel has expressed willingness to invest in Jharkhand. Tata Steel is Asia’s first integrated private sector steel company dealing with mining to manufacturing and marketing of finished products. It is the flagship company of the Tata group and is among the top ten global steel companies with an annual crude steel capacity of 34 million tonnes per annum.
It has revenue to the tune of Rs 1,84,191.47 crore. It is the world’s second-most geographically-diversified steel producer, having operations in 26 countries and a commercial presence in over 50 countries.
The larger production facilities are in India, the UK, the Netherlands, Thailand, Singapore, China and Australia. Tata Steel Limited (India), Tata Steel Europe Limited (formerly Corus), NatSteel and Tata Steel Thailand are the operating companies within the Group. The company’s raw material operations are spread across India and Canada, the key manufacturing functions are performed by the raw materials and iron-making groups, while the Shared Services provides maintenance support for a smooth production.
Eyeing to attract big-ticket investments and make Jharkhand a leading hub for manufacturing of electric vehicles, among others, Jharkhand Chief Minister Hemant Soren on Friday had offered sops and facilities to mega industrial players including Tatas, Vedanta, SAIL, NTPC and Maruti Suzuki.
“During a roundtable meeting with Tata Group officials on Friday, the Chief Minister asked them why can’t open an electric vehicle manufacturing plant in the state,” said an official of the state industry department.
Tata Motors, one of the leading automobile manufacturers, has one of its manufacturing plants already located in Jamshedpur, Jharkhand. A Tata Group senior official said that the discussions centred around the proposed EV policy of the state and expansion of group activities in the state, and the group would soon come out with suggestions in this regard.
