The Indian government has signed memorandums of understanding (MoUs) for 85 projects with 55 companies, which will see the creation of special steel and alloy steel production capacities totaling 8.7 million mt under the Production Linked Incentive (PLI) scheme, India’s steel minister H D Kumarasawmy said in a statement on Tuesday, February 10.
The minister said that the cumulative investments to which the 55 companies have committed for the construction of the new special steel and alloy steel production capacities amount to an estimated $1.31 billion.
Under the PLI scheme, the government offers fiscal incentives directly to companies that commit to the creation of additional special steel capacities within specified timeframes.
The minister said that, though the country has made notable strides in specialty and alloy steel manufacturing, these new investments will further deepen its capabilities, reduce import dependence, conserve foreign exchange, with India emerging as a reliable supplier of high-value steel to the world.