Tata Steel Limited will incur a capital expenditure of $1.08 billion, on its Indian operations, largely riding on expansion of its Kalinganagar steel mill in eastern state of Odisha, Tata Steel, CEO, T V Narendran said in a statement on Monday, August 30.
He said that this capex would be in addition to the $405 million investment already announced for Tata Steel’s European operations.
"A lot of it will be going towards Kalinganagar expansion. We will also be spending on our raw material because we continue to expand our iron ore mining capabilities to support the Kalinganagar expansion.," Narendran said.
Tata Steel is in the process to expand the capacity of its plant in Kalinganagar, Odisha from 3 million mt per annum to 8 million mt per annum.