Tata Steel, Steel ministry sign MoUs for eight product categories under PLI
Tata Steel along with its subsidiaries Tata Steel Long Products and Tinplate Company of India has signed memorandum of understanding (MoUs) with the Indian Ministry of Steel for eight product categories under the Production-linked incentive (PLI) Scheme for specialty steel.
The Ministry signed a total of 57 MoUs with 27 firms covering 20 sub-categories. The signing of the MoUs took place in the presence of the Indian Minister of Steel and Civil Aviation Jyotiraditya M Scindia.
According to Tata Steel, the Indian steel industry is growing in recent years, and is presently the second-largest steel producer in the world. Steel is also among the industries that are driving private investment in India.
Tata Steel, Steel ministry sign MoUs for eight product categories under PLI Scheme. Photo courtesy of Tata Steel.
The MoUs are said to be significant progress in the history of Tata Steel, enabling the company to enhance its capabilities and help in the vision of the government for Atmanirbhar Bharat. The PLI program aims at enticing both domestic as foreign companies to develop special steels to be used in high-end applications.
The PLI scheme for special steels was approved by the Indian Cabinet on 22 July 2021. The scheme has five years of financial investment of INR 6,322 crores to increase manufacturing capacity in the country through attracting capital investment, creating jobs, and encouraging technology upgrading in the steel industry.
Chanakya Chaudhary — Tata Steel Vice President of Corporate Services said: “We are thankful to the Ministry of Steel for driving the PLI scheme, which would go a long way in realizing the National Steel Policy 2017 both in terms of scale and quality of products needed for consumers.”