Tata Steel to invest ₹3,000 crore in Jharkhand in next 3 years to expand capacities

Domestic steel giant Tata Steel on Saturday expressed commitment to invest ₹3,000 crore in Jharkhand in the next three years to augment capacities.

The commitment was made at the launch of Jharkhand Industrial and Investment Promotion Policy (JIIPP) 2021 here, launched by Chief Minister Hemant Soren.

The Jharkhand government aims to facilitate investment to the tune of ₹1 lakh crore in the state and generate 5 lakh jobs through two-day investors meeting, that concluded on Saturday here.

“Tata Steel plans to invest ₹3,000 crore in the next three years in Jharkhand with expansion of capacities of coal and iron ore mines and downstream value added steel portfolio,” Chanakya Choudhary, vice president – Corporate Services, Tata Steel, told PTI.

Mr. Choudhary said Tata Steel has been in Jharkhand for the past 114 years and it is a home to the steel company.

Mr. Soren said, “You all are part of Jharkhand family. And we want our family to grow further so that the rich identity of the state comes in front of the country and the world.” The Chief Minister said that an upgraded industrial policy has been prepared and it is a matter of pride that Tata Steel has expressed willingness to invest in Jharkhand.

Eyeing to attract big-ticket investments and make Jharkhand a leading hub for manufacturing of electric vehicles, among others, Jharkhand Chief Minister Hemant Soren on Friday had offered sops and facilities to mega industrial players including Tatas, Vedanta, SAIL, NTPC and Maruti Suzuki.

“During one on on meeting with Tata Group officials, the Chief Minister asked them why can’t they open an electric vehicles manufacturing plant in the state,” an official privy to the meeting told PTI.

Tata Motors, one of the leading automobile manufacturers, has one of its manufacturing plants already located in Jamshedpur, Jharkhand.

A Tata Group senior official said that the discussions centred around the proposed EV policy of the state and expansion of group activities in the state, and the group would soon come out with suggestions in this regard.

Tata Steel is Asia’s first integrated private sector steel company dealing with mining to manufacturing and marketing of finished products. It is the flagship company of the Tata group and is among the top-ten global steel companies with an annual crude steel capacity of 34 million tonnes per annum.

It has a revenue to the tune of ₹1,84,191.47 crore.

It is the world’s second-most geographically diversified steel producer, having operations in 26 countries and commercial presence in over 50 countries.

The larger production facilities are in India, the U.K., the Netherlands, Thailand, Singapore, China and Australia. Tata Steel Limited (India), Tata Steel Europe Limited (formerly Corus), NatSteel and Tata Steel Thailand are the operating companies within the Group.