Indian steel producer Tata Steel will not look at any new acquisition but instead will rely on organic growth through brownfield expansions of existing mills, a company official said on Wednesday, May 11.
Tata Steel managing director T V Narendaran said that Jamshedpur steel mill in eastern India will fuel and support the company’s future growth plans.
“Most of our growth in the last few years has been through the inorganic route, that is acquisitions. Currently, we are in a position where all our growth ambitions can be met through organic growth in our existing sites,” he said.
“We don't really need to acquire any new assets to grow our total installed capacity to 40 million mt per year from the present level of 20 million mt per year and will rely more on organic growth during this decade,” Mr. Narendran said.
Earlier this month, Narendran said that rising steel prices and firm demand are likely to prompt Tata Steel to advance its capacity expansion target by a few years and this will enable completion of expansion and achieve an installed capacity target of 40 million mt per year well before the scheduled date of 2030.