Looking to expand further in India: Tata Steel

Tata Steel is committed to further growing its business in India and is hoping to work more closely with the government, a top official said today.

Published: 31st December 2017 10:04 PM  |   Last Updated: 31st December 2017 10:55 PM   |  A+A-

Tata Steel (File|REUTERS)


JAMSHEDPUR: Tata Steel is committed to further growing its business in India and is hoping to work more closely with the government, a top official said today.

The successful roll out of the Goods and Services Tax (GST) also had positive implications across the company's value chain in India, T V Narendran, CEO and Managing Director of Tata Steel, said in a message to employees on the last day of the year.

“2017 saw a recovery in global steel demand, prices and trade leading to better-than-expected performance by India’s steel sector. The year not only saw India becoming the third largest steel producer in the world, it managed to successfully reverse the trend of increasing imports as it became a net exporter," he said.

He added that the Centre's National Steel Policy 2017 has drawn the long-term road map for steel vision in India.

"In Tata Steel, we are committed to further growing our business in India and we look forward to working closely with the government contributing positively to IndiaÂ’s economic growth," Narendran said.

Following the successful ramp up of the 3 million tonne installed capacity at Kalinganagar, the Board has approved a further expansion to 8 million tonnes at an additional capital outlay of Rs 23,500 crore to be raised in a combination of equity and debt, he said.

This will help the company in meeting IndiaÂ’s rising demand in automotive, general engineering and other valued-added segments, he said.

Tata Steel is also hopeful that its plan for an equal joint venture with Thyssenkrupp AG will create EuropeÂ’s second largest steel maker, Narendran added.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp