Tata Steel to invest Rs 3,000 cr in Jharkhand in next 3 yrs to inc capacity

Topics Tata Steel | Jharkhand

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 here, launched by Chief Minister Hemant Soren.

The Jharkhand government aims to facilitate investment to the tune of Rs 1 lakh crore in the state and generate 5 lakh jobs through two days investors meeting that concluded on Saturday here.

"Tata Steel plans to invest Rs 3,000 crore in the next three years in Jharkhand with expansion of capacities of coal and iron ore mines and downstream value added steel portfolio," Chanakya Choudhary, Vice President - Corporate Services, Tata Steel, told PTI.

Choudhary said Tata Steel was in Jharkhand for the past 114 years and it was home to the steel company.

Soren said: "You all are part of Jharkhand family. And we want our family to grow further so that the rich identity of the state comes in front of the country and the world."

The chief minister 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 a 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 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 one on on meeting with Tata Group officials, the Chief Minister asked them why can't they open an electric vehicles manufacturing plant in the state," an official privy to the meeting told PTI.

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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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