Tata Steel signs MoUs with the Ministry of Steel under the PLI Scheme
~ Tata Steel Limited, Tata Steel Long Products Limited and The Tinplate Company of India Limited have signed MOUs for 8 product categories ~
Tata Steel Limited, Tata Steel Long Products Limited, and The Tinplate Company of India Limited today have signed MoUs for eight product categories with the Ministry of Steel under the Production-linked incentive (PLI) Scheme for specialty steel.
A total of 57 MoUs with 27 companies covering 20 sub-categories were signed with the Ministry. The Union Minister of Steel and Civil Aviation, Shri Jyotiraditya M Scindia, and senior officials from the Ministry of Steel and steel companies were present on the occasion.
Chanakya Chaudhary, Vice President, Corporate Services, Tata Steel said: "We are thankful to the Ministry of Steel for driving the PLI scheme, which would go a long way in realising the National Steel Policy 2017 both in terms of scale and quality of products needed for consumers.”
The Indian Steel Industry has been on a growth trajectory for the last few years and is currently the second-largest producer globally. Steel is also one of the sectors driving the much-needed private investment in the country. The MoU signing marks a significant milestone for Tata Steel, enabling the Company to further enhance its capabilities and contribute to the Government's vision of Atmanirbhar Bharat. The PLI scheme is aimed at encouraging domestic as well as foreign companies to manufacture specialty steels needed for high-end applications.
Production-linked incentive (PLI) Scheme for specialty steel was approved by the Union Cabinet on July 22, 2021, with a five-year financial outlay of Rs 6322 crore to promote manufacturing within the country by attracting capital investment, generating employment, and promoting technology up-gradation in the steel sector.
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About Tata Steel
- Tata Steel group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum
- It is one of the world's most geographically diversified steel producers, with operations and commercial presence across the world
- The group recorded a consolidated turnover of US $ 32.83 billion in the financial year ending March 31, 2022
- A Great Place to Work-CertifiedTM organisation, Tata Steel Limited, together with its subsidiaries, associates, and joint ventures, is spread across five continents with an employee base of over 65,000
- Tata Steel has announced its major sustainability objectives including Net Zero Carbon by 2045, Net Zero Water consumption by 2030, improving Ambient Air Quality and No Net loss in Biodiversity by 2030.
- The Company has been on a multi-year digital-enabled business transformation journey intending to be the leader in ‘Digital Steel making by 2025’. The Company has received the World Economic Forum’s Global Lighthouse recognition for its Jamshedpur, Kalinganagar and IJmuiden Plants.
- Tata Steel aspires to have 25% diverse workforce by 2025. The Company has been recognised with the World Economic Forum’s Global Diversity Equity & Inclusion Lighthouse 2023
- The Company has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked amongst top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016
- Tata Steel’s Jamshedpur Plant is India’s first site to receive ResponsibleSteelTM Certification
- Received Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17, Steel Sustainability Champion recognition from worldsteel for five years in a row, and ‘Most Ethical Company’ award 2021 from Ethisphere Institute
- Recognised with RIMS India ERM Award of Distinction 2021, ‘Masters of Risk’ - Metals & Mining Sector recognition at The India Risk Management Awards for the sixth consecutive year, and Award for Excellence in Financial Reporting FY20 from ICAI, among several others
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