Tata Steel Ltd. on Monday said Odisha would emerge as the company's single-largest investment destination after the phase-II expansion of its Kalinganagar plant from 3 million tonnes per annum to 8 mtpa. The steel major has invested Rs 27,000 in phase-II of the Kalinganagar plant expansion, and the company is on the verge of commissioning its expanded capacity at the unit, it said in a release.
The ongoing expansion in Kalinganagar will play an important role in Tata Steel's ambition to achieve its target of 40 mtpa capacity in India by 2030, the company said.
“The phase-II expansion of Tata Steel's Kalinganagar plant in Jajpur district of Odisha... will also catapult the eastern state to an enviable position of becoming the single-largest investment destination for the country's oldest steel maker,” the release said.
Along with the Tata Steel Meramandali (formerly Bhushan Steel Ltd) plant in Dhenkanal district, the company's total investment in Odisha stands at over Rs 100,000 crore.
"Even as the company is on the verge of commissioning its expanded capacity in Kalinganagar (to 8 mtpa), Tata Steel believes that the plant has a further scope to double this to 16 mtpa in the coming years, which will further strengthen Odisha's role in Tata Steel's growth journey," the release added.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
