Construction Industry News
TV Narendran, CEO of Tata Steel, has said that the company plans to invest Rs 12,000 crore in its operations in India and Europe during the current fiscal year. The domestic steel giant plans to invest Rs 8,500 crore in India and Rs 3,500 crore in the company's operations in Europe.
In India, the focus will be on Kalinganagar project expansion and mining activities, and in Europe it will focus on food supply, enrichment of product mixes and environmental investments. The company is in the process of expanding the capacity of its plant in Kalinganagar, Odisha to 8 MT from 3 MT.
In addition, Tata Steel will spend approximately Rs 12,000 crore on inorganic growth in India in the NINL acquisition.
Tata Steel, through its wholly owned subsidiary, Tata Steel Long Products Limited (TSLP), has completed the acquisition of the Odisha-based one million tons per year (MTPA) steel plant NINL for a significant consideration of Rs 12,000 crore.
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