T V Narendran, Tata Steel's global CEO and MD, said that the steel giant will spend over INR 2,100 crores (USD 270 million) in two of its firms, Tinplate Company India Ltd. (TCIL) and Indian Wire and Steel Products Ltd. (ISWPL).
Tata Steel would spend INR 1,500 crore (USD 193 million) in TCIL to treble its production capacity, and INR 600 crore (USD 77 million) in ISWPL to phase in a rolling mill over the next two to three years, according to the MD.
The TCIL has a manufacturing capacity of 379,000 tons per year, producing tinplate in cut sheets, coil form, and Tin Free Steel (TFS) in sheet form. ISWP manufactures galvanized wires, rebars, and a variety of other commercial products.
In the next years, the MD stated that the company will invest in the growth of its downstream businesses.
The MD stated the focus is on increasing output at the new Kalinganagar facility and the acquired firms, Tata Steel Bhushan Steel Ltd (TS BSL) and Neelachal Ispat Nigam Ltd, rather than expanding the company's Jamshedpur factory (NINL).
Odisha is home to all three businesses.
77.7 INR / 1 USD
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