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Odisha to emerge as Tata Steel’s largest invest destination
Bhubaneswar: Tata Steel on Monday said Odisha would emerge as the company’s single-largest investment destination after the phase-II expansion of its...
Bhubaneswar: Tata Steel on Monday said Odisha would emerge as the company’s single-largest investment destination after the phase-II expansion of its Kalinganagar plant from 3 million tonnes per annum to 8 mtpa.The steel major has invested Rs 27,000 crore in phase-II of Kalinganagar plant expansion, and the company is on the verge of commissioning its expanded capacity at the unit.
The ongoing expansion in Kalinganagar will play an important role in Tata Steel’s ambition to achieve its target of 40 mtpa capacity in India by 2030, the company said. “The phase-II expansion of Tata Steel’s Kalinganagar plant in Jajpur district of Odisha... will also catapult the eastern State to an enviable position of becoming the single-largest investment destination for the country’s oldest steel maker,” the company said.
The company completed the first phase in 2015 with an investment of Rs 25,000 crore and further ramped up capacity in Odisha through the acquisition of Neelachal Ispat Nigam Ltd (NINL) in 2022 with an additional investment of Rs 12,100 crore.
Along with the Tata Steel Meramandali (formerly Bhushan Steel Ltd) plant in Dhenkanal district, the company’s total investment in Odisha stands at over Rs 100,000 crore, it said.
“Even as the company is on the verge of commissioning its expanded capacity in Kalinganagar (to 8 mtpa), Tata Steel believes that the plant has a further scope to double this to 16 mtpa in the coming years, which will further strengthen Odisha’s role in Tata Steel’s growth journey,” the release said.
“The abundance of mineral wealth and other natural resources, combined with the large pool of skilled workforce and investor-friendly policy environment has provided significant support for Tata Steel’s ongoing growth and investments in the State. Through our continued commitment, we are helping shape a future-ready Odisha, fostering innovation, sustainability and progress,” a company official said.
Tata Steel’s growth in this region is supported by expansions in iron ore mines, the development of significant infrastructure projects like Subarnarekha Port in Balasore district, and the implementation of slurry pipelines for the transportation of iron ore fines, the release added.
