New Delhi: Tata Steel Limited, Tata Steel Long ProductsLimited, 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 speciality steel.
A total of 57 MoUswith 27 companies covering 20 sub-categories were signed with the Ministry. The Union Minister of Steel and Civil Aviation, Jyotiraditya MScindia, and senior officials from the Ministry of Steel and steel companies were present on the occasion.
Chanakya Chaudhary, Vice President, of Corporate Services, at 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 speciality 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.