67 entries with Rs 42,500-crore funding plans enter specialty steel PLI scheme

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The government has selected a total of 67 entries with an investment potential of Rs 42,500 crore under the production linked incentive (PLI) scheme for specialty steel.

The proposed investments are expected to generate 70,000 job opportunities and add 26 million tonnes of speciality steel capacity in the country.

A total of 79 applications were received from 35 small and large steel-making companies with investment commitments totalling Rs 46,000 crore to add downstream capacity of 28 million tonnes (MT) by 2030, the steel ministry said in a statement.

After several extensions, the final window for participation in the PLI scheme closed on September 15, 2022.

''Sixty-seven applications from 30 companies have been selected. This will attract committed investment of Rs 42,500 crore with a downstream capacity addition of 26 MT and employment generation potential of 70,000,'' the ministry said.

Applicants include all major steel players like Tata Steel, JSW Steel, JSPL, AMNS India and SAIL, a senior steel ministry official had earlier told PTI.

The Union Cabinet in July last year approved a Rs 6,322-crore PLI scheme to boost the production of speciality steel in India.

Some of the categories of specialty steel included in the scheme are coated/plated steel products, high strength/wear-resistant steel, specialty rails, alloy steel products, and steel wires, and electrical steel.