Indian steelmaker Tata Steel has expressed its commitment to invest ₹Rs 3,000 crore in Jharkhand over the next three years to expand capacities in the state.
The steelmaker pledged the Jharkhand Investment and Industrial Promotion Policy (JIIPP) 2021, launched by Chief Minister Hemant Soren on Saturday.
The Jharkhand government intends to attract investment at the rate of ₹1 lakh crore in the state and generate 5 lakh of jobs through the investor meeting that concluded today in New Delhi.
“Tata Steel plans to invest ₹Rs 3,000 crore over the next three years in Jharkhand with the expansion of the capacities of the coal and iron ore mines and the downstream value-added steel portfolio, “said Chanakya Choudhary, Vice President of Corporate Services for Tata Steel, to the PTI news agency.
Choudhary said that Tata Steel has been present in Jharkhand for the past 114 years and was the home of the steel company.
“You are all part of the Jharkhand family. And we want our family to grow further so that the rich identity of the state is at the forefront of the country and the world,” CM Hemant Soren said during the investor meeting.
The prime minister added that an improved industrial policy has been prepared and it is a matter of pride that Tata Steel has expressed its willingness to invest in Jharkhand.
Tata Steel is Asia’s first private sector integrated steel company dealing with mining through to manufacturing and marketing of finished products. It is the flagship company of the Tata group and is among the world’s top ten steel companies with an annual crude steel capacity of 34 million tonnes per year.
You have an income for a tune of ₹1,84,191.47 crore.
It is the second most geographically diversified steel producer in the world, with operations in 26 countries and a commercial presence in more than 50 countries.
The largest production facilities are in India, the United Kingdom, 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.
The company’s raw materials operations span India and Canada, key manufacturing functions are performed by the raw materials and iron fabrication groups, while Shared Services provides maintenance support for smooth production.
Aiming to attract significant investment and make Jharkhand a leading hub for electric vehicle manufacturing, among others, Jharkhand Chief Minister Hemant Soren on Friday offered services and facilities to industrial mega players such as Tatas, Vedanta, SAIL. , NTPC and Maruti Suzuki.
Soren had even discussed the prospects of opening an electric vehicle manufacturing plant in Jharkhand with officials from the Tata Group.
Tata Motors, one of the leading car manufacturers, already has one of its manufacturing plants located in Jamshedpur, Jharkhand.
A senior Tata Group official said the discussions centered around the proposed state electric vehicle policy and the expansion of the group’s activities in the state, and the group would soon make suggestions in this regard.
(With contributions from the agency)
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