The Indian government has approved 67 applications under the Production Linked Incentive (PLI) scheme for the creation of 28 million mt of additional specialty steel production capacity by 2030, entailing aggregate investments oof around $5.6 billion, a ministry of steel statement said on Monday, December 12.
Under the PLI scheme, investors will be eligible to get fiscal incentives for creating additional steelmaking capacity, for which the Indian government has set aside $770 million for disbursal.
The last date for submission of applications under the PLI Scheme was September 15, 2022 under which steel companies were required to submit detailed plans for creating additional specialty steel production capacities and would be eligible for fiscal incentives from the government.
Among the government-approved applications were those from Steel Authority of India Limited (SAIL), ArcelorMittal Nippon Steel Limited (AMNS), Jindal Steel and Power Limited (JSPL), Jindal Steel Limited and Tata Steel, the ministry statement said.
The applicants submitted plans for creating additional capacities for production of specialty steel like cold rolled grain-oriented (CRGO), high-strength/wear resistant steel, specialty rails and alloy steel products, the statement said.
