FY22 was the best year in the history of Tata Steel states N Chandrasekaran in AGM
Indian steel companies will continue to expand capacities for both Make in India as well as for the world.
At the AGM of the steel major, N Chandrasekaran Chairman of Tata Steel and the holding company Tata Sons addressed the shareholders stating the year concluded on March 31, 2022, had been phenomenal for the company as it demonstrated strong performance across all strategic priorities in FY22. He also shared his vision for years to come for the sector as he believes that focus on the infrastructure spending will augur well for the steel sector.
The shortcomings faced by the industry currently due to enhanced excise duty by the government have been a dampener. However, in the AGM he maintained that the steel industry in India is globally competitive and therefore the Indian steel companies should be able to expand capacity in value-added steel products for both "Make in India" and "Make for the World."
The growth plans for the steel major were also shared in the AGM with a capex of Rs 10,000 – 12,000 crore per annum, in order to achieve the target capacity to 30-40 mt from 20 mt currently in India. The 6 million tons (mt) pellet plant in Q3FY23, the cold rolling mill complex, and the 5 mt extensions at Kalinganagar are some of the growth projects planned for the near future.
The proposed acquisition of Neelachal Ispat Nigam Ltd (NINL) will boost the operation of Neelachal Ispat Nigam Ltd to a rated capacity of 1.1 million ton per annum within the next year, subject to statutory clearances.
The growth plans are on the back of demand levers across sectors as the company envisages "to be an industry leader in India aided by value accretive growth across the steel value chain.”
At 11.51 am on June 29, the shares of Tata Steel were quoting at Rs 880.40 up 0.11% or Rs 1.
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