world of steel A Division of Ellias International




Home >Todays Steel News


Tata Steel CEO T.V. Narendran says it’s looking to expand further in India

Tata Steel CEO T.V. Narendran says it’s looking to expand further in India

 

News is brought to you by Mr. Shailesh Karia

 

Published on 19th January, 2018

 

The successful rollout of GST had positive implications across Tata Steel’s value chain in India, says CEO and MD T. V. Narendran

 

Jamshedpur: Tata Steel Ltd is committed to further growing its business in India and is hoping to work more closely with the government, a top official said on Friday.

The successful roll out of the goods and services tax (GST) also had positive implications across the company’s value chain in India, T.V. Narendran, CEO and managing director of Tata Steel, said in a message to employees on the last day of the year.

 

“2017 saw a recovery in global steel demand, prices and trade leading to better-than-expected performance by India’s steel sector. The year not only saw India becoming the third largest steel producer in the world, it managed to successfully reverse the trend of increasing imports as it became a net exporter,” he said.

He added that the Centre’s national steel policy 2017 has drawn the long-term road map for steel vision in India. “In Tata Steel, we are committed to further growing our business in India and we look forward to working closely with the government contributing positively to India’s economic growth,” Narendran said.

 

Following the successful ramp up of the 3 million tonne installed capacity at Kalinganagar, the board has approved a further expansion to 8 million tonnes at an additional capital outlay of Rs23,500 crore to be raised in a combination of equity and debt, he said.
 

 

This will help the company in meeting India’s rising demand in automotive, general engineering and other valued-added segments, he said. Tata Steel is also hopeful that its plan for an equal joint venture with Thyssenkrupp AG will create Europe’s second largest steel maker, Narendran added.
 

At 10.02am, Tata Steel shares traded 0.27% lower to Rs730.45 on BSE, while the Sensex was up 0.06% at 34,076.87 points.

 

Source : http://www.livemint.com//

 





     Home  |  About  |  Contact  |  Terms of Use  |  Privacy Policy
World of Steel® is a Registered Trademark in USA, China, India and EU