Despite a decline in net profit during the first quarter of the current fiscal year, India’s Tata Steel Limited will maintain its planned capital expenditure of $1.5 billion during the year, company CEO T. V. Narendran said in a statement on Wednesday, July 27.
The company had earlier reported a 21 percent decline in net profit during the first quarter (April-June) of fiscal year 2022-23.
“We have already announced plans to double our capacity over the next decade. As of now, there is no change in our capex plans. We are very bullish on the prospects of steel in India,” Mr. Narendran said.
He said that the company had enough headroom to increase capacity by 40-45 million mt per year through brownfield expansion of its steel mills at Kalinganagar, Tata Steel BSL Limited, and the recently acquired Neelachal Ispat Nigam Limited.