Tata Steel to invest `12K cr in FY23 on India, Europe ops: TV Narendran

NEW DELHI: Tata Steel has planned capital expenditure (capex) of Rs 12,000 crore on its India and Europe operations during the current financial year, the company’s Chief Executive Officer T V Narendran said.

The domestic steel major plans to invest Rs 8,500 crore in India and Rs 3,500 crore on the company’s operations in Europe, Narendran, who is also the Managing Director (MD) of Tata Steel, said.

On Tata Steel’s CAPEX plans for FY23, he said: “We have planned for about Rs 12,000 crore of capex for the year of which about Rs 8,500 crore will be spent in India and the balance in Europe.”

In India, the focus will be on the Kalinganagar project expansion and mining activity, and in Europe, it will be focussed on sustenance, product mix enrichment and environment-related capex, Narendran said.

The company is in process of expanding capacity of its plant in Kalinganagar, Odisha to 8 MT from 3 MT. In addition to this, Tata Steel will be spending about Rs 12,000 crore on inorganic growth in India in the NINL acquisition, he said.

Tata Steel through its wholly-owned subsidiary Tata Steel Long Products Limited (TSLP), completed the acquisition of Odisha-based one Million Tonne Per Annum (MTPA) steel mill NINL for a consideration amount of Rs 12,000 crore.

Elaborating on the European business, he said it has been divided into the Dutch business and the British business.

“This allows us to run Tata Steel as one integrated company with five major sites, three in India and two in Europe. This brings greater focus on each of our operating sites. The European sites have been tasked with becoming self-sufficient,” he said.