India’s Tata Steel Limited has committed a capital expenditure of an estimated $2.04 billion in the current fiscal year 2024-25, with 75 percent riding on domestic projects, Tata Steel CEO T. V. Narendran said in a statement on Friday, May 31.
Of the total capex, the focus will be on India and mainly riding on expanding its Kalinganagar steel mill in Odisha and on relining some blast furnaces, expanding the raw material division and sustaining expenses. It will be a value-accretive capex, he said.
Part of the capex will be on its new electric arc furnace-based mill in Ludhiana in the northern state of Punjab, Narendran said.
“Steel consumption in India is growing at around 10 percent and we expect that to continue for some years to come,” he added.
