India’s ArcelorMittal Nippon Steel Limited (AMNS) is planning manufacture of specialty steel, taking advantage of the government’s Product Linked Incentive (PLI) scheme, a company official said in a statement on Monday, November 15.
The company is looking at creating manufacturing facility for high-strength coated steel in the first phase and expand product portfolio to include more specialty steel in later stages, the official said.
“We have planned capacity expansion. The government’s PLI scheme surely gives a boost and direction to it,” AMNS, chief marketing officer, Ranjan Dhar said in the statement.
“New investment in specialty steel will come loaded with expertise of AMNS’ parent company. There is hardly any technology or product that is not available with ArcelorMittal Limited. AMNS has a natural advantage in this respect,” Dhar said.
There are five categories of specialty steel included in the government’s PLI scheme: coated/plated steel products, high strength/wear resistant steel, specialty rails, alloy steel products, steel wires and electrical steel.
Under the PLI scheme for steel, the government has earmarked a corpus of $854 million to be disbursed over five years as fiscal incentives to steel companies linked to incremental production of specialty steel currently largely imported into the country.
