Indian Steel and related sector companies signed an MoU with Jharkhand pledging investments in the state which includes financing of mining projects by Tata and SAIL, among other major firms.
Indian Steel and related sector companies signed an MoU with Jharkhand pledging investments in the state which includes financing mining projects by Tata and SAIL, among other major firms. An investor meeting was set up in Delhi for two days.
During the event, Tata Steel and SAIL have expressed their interest to invest billions in the state over the next few years by expanding mining projects.
Tata Steel committed to investing Rs30bn in Jharkhand in the next three years to expand the capacities of coal and iron ore mines. However, SAIL pledged a 3-year investment of Rs40bn in their Gua mines.
The investment is focused to boost industrial development in the state. The government wants to go ahead with optimum utilization of resources.
Hemant Soren, Chief Minister, disclosed the Industrial and Investment Promotion Policy 2021, passed by the state cabinet on July 6, 2021.
Soren also mentioned, they have a separate model for scrap and are looking at western and southern regions as the availability of scrap is higher.
Tata Steel also plans to invest Rs80bn in capital expenditure in its India operations during FY22, CEO and MD Narendran said. The company is in the process of expanding capacity, mining operations and recycling business at its plant in Kalinganagar, Odisha, by 5mn mt to an annual capacity of 8mn mt.