Tata Steel will invest Rs 3,000 crore in Jharkhand over the next 3 years to expand its capabilities

Tata Steel will invest Rs 3,000 crore in Jharkhand over the next 3 years to expand its capabilities

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National steel giant Tata Steel on Saturday expressed its commitment to invest 3 billion rupees in Jharkhand over the next three years to increase capacities. The commitment was made at the launch of the Jharkhand Investment and Industrial Promotion Policy (JIIPP) 2021 here, launched by Chief Minister Hemant Soren.

The Jharkhand government aims to facilitate investment amounting to Rs 1 lakh crore in the state and generate 5 lakh of jobs through a two-day investor meeting that concluded here on Saturday.

Tata Steel to invest Rs 3,000 crore in Jharkhand over the next 3 years

“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,” Vice President Chanakya Choudhary told PTI of Tata Steel’s corporate services. Choudhary said that Tata Steel has been in Jharkhand for the past 114 years and was the home of the steel company. Soren said, “You are all part of the Jharkhand family.

And we want our family to grow even more so that the rich identity of the state is in front of the country and the world. “The prime minister said that an improved industrial policy has been prepared and that it is a matter of pride that Tata Steel has expressed its will 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.

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He has an income in the amount of Rs 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.

“During a meeting with Tata Group officials, the Chief Minister asked them why they cannot open an electric vehicle manufacturing plant in the state,” an official who was aware of the meeting told PTI. Tata Motors, one of the major 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.

(PTI)

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Article first published: Saturday, August 28, 2021, 17:02 [IST]

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