India Tata Steel Limited has spent less than 50 percent of the capital expenditure earmarked for the current fiscal, company CEO T V Narendran said in a statement on Monday, November 7.
The company had planned capital expenditure of $1.46 billion for the current fiscal year of which an estimated $1.03 billion will spent on its Indian operations and the balance for Europe.
“We have spent a little less than 50 percent of the funds so far,” Narendran said.
It may be noted that Tata Steel reported a 90 percent decline in consolidated net profit at $158 million during the second quarter (July-September) of the fiscal year 2022-23.
On the future of the company’s steel mill in the UK, he said that any future decision will depend on the response of the UK government to Tata Steel’s request for £1.5 billion needed to decarbonize the steelmaking facility.