Tata Steel signs MoU with IIT Bhubaneswar to foster innovation

~ MoU to collaborate on projects to foster innovation, research, and entrepreneurship ~

Tata Steel signed a Memorandum of Understanding (MOU) with IIT Bhubaneswar Research and Entrepreneurship Park (IIT Bhubaneswar REP) to foster innovation, research, and entrepreneurship in projects of mutual interest.

Under the MOU, Tata Steel and IIT Bhubaneswar REP, a company promoted by IIT Bhubaneswar, have joined hands to explore collaboration in different areas including materials processing and modelling, energy and environment, and low carbon steel production and circular economy.

The MoU was exchanged between T. V. Narendran, CEO & MD, Tata Steel, and Prof. Shreepad Karmalkar, Director, IIT Bhubaneswar & Chairman REP during the 100-Cube Start-up Conclave at IIT Bhubaneswar on 11th February, 2024 in the presence of Shri Dharmendra Pradhan, Honourable Union Minister for Education and Skill Development and Entrepreneurship, Government of India.

T. V. Narendran, CEO & MD, Tata Steel, said: “The MoU strengthens our partnership with IIT Bhubaneswar, as we work together to co-create solutions for sustainable steel making and advanced materials."

“Tata Steel recognises the huge potential of Indian startups led by the youth. Backed by the government, our academic and research institutes are the cradle of innovative ideas. Collaboration with industry catalyses the process of transforming those ideas into scalable applications. The 100-Cube initiative is a commendable step by the government to promote Odisha's entrepreneurial spirit and build a stronger India through technology and innovation.” he added.

Tata Steel’s collaboration with IIT Bhubaneswar REP will also include joint research initiatives, technology transfer, and support for the startup ecosystem. Tata Steel has earlier collaborated with the institute on battery research.

Disclaimer

Statements in this press release describing the Company’s performance may be “forward-looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/ supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/ or other incidental factors.

For queries and information

Sarvesh Kumar,

Chief Corporate Communications - Tata Steel,

E-mail : sarvesh.kumar@tatasteel.com

About Tata Steel

• Tata Steel group is among the top global steel companies with an annual crude steel capacity of 35 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$30.3 billion in the financial year ending March 31, 2023.
• A Great Place to Work-Certified^TM organisation, Tata Steel Limited, together with its subsidiaries, associates, and joint ventures, is spread across five continents with an employee base of over 77,000.
• Tata Steel has announced its major sustainability objectives including Net Zero Carbon by 2045.
• 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 ResponsibleSteel^TM Certification.
• Received Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17, 2023 Steel Sustainability Champion recognition from worldsteel for six years in a row, 2022 ‘Supplier Engagement Leader’ recognition by CDP, Top performer in Iron and Steel sector in Dun & Bradstreet's India's top 500 companies 2022, Ranked as the 2023 most valuable Mining and Metals brand in India by Brand Finance, and ‘Most Ethical Company’ award 2021 from Ethisphere Institute.
• Received 2023 ERM (Enterprise Risk Management) Award of Distinction at the RIMS ERM Conference 2023, ‘Masters of Risk’ - Metals & Mining Sector recognition at The India Risk Management Awards for the seventh consecutive year, and Award for Excellence in Financial Reporting FY20 from ICAI, among several others.

Photographs: Management and Plant facilities

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Website: www.tatasteel.com and www.wealsomaketomorrow.com

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