Tata Steel, along with Tata Steel Long Products Limited and The Tinplate Company of India Limited, have signed memorandum of understanding (MoU)s for eight product categories with the steel ministry under the Production-linked incentive (PLI) Scheme for specialty steel.
These MoU were part of the total 57 MoUs the steel ministry signed with 27 companies covering 20 sub-categories on March 17.
The Ministry received a total of 79 applications from 35 small and large steel-making companies, of which 67 applications from 30 companies were selected. JSW Steel, ArcelorMittal Nippon Steel India, and Steel Authority of India (SAIL) were among the approved applicants.
First approved in July 2021, the PLI scheme has a five-year financial outlay of Rs 6,322 crore to promote manufacturing within the country by attracting capital investment, generating employment, and promoting technology up-gradation in the steel sector
Indian Steel Association in a separate press statement said the PLI scheme has resulted in a commitment of about Rs 30,000 crore investment to create about 25 million tonnes of capacity in specialty steel in the next five years, with a job creation with an employment generation potential of 55,000 jobs.