Monday, May 20, 2024

Top 5 This Week


Related Posts

TATA Steel Announces Rs 16,000 Crore Capex for FY24, Prioritizing Expansion and Sustainability Initiatives

TATA Steel has unveiled a consolidated Capital Expenditure (Capex) of Rs 16,000 Crore for its domestic and international operations in FY24. This planned expenditure includes Rs 10,000 Crore for the company’s standalone operations and Rs 2,000 Crore for its Indian subsidiaries. The funding for this Capex, as stated in the FY23 annual report, will be sourced from internal accruals throughout the year.

A significant portion of the allocated amount, around Rs 10,000 Crore, will be dedicated to Tata Steel’s standalone operations. Of this allocation, approximately 70% will be directed towards the Kalinga Nagar project, which involves expanding the capacity of the Odisha-based plant from 3 MT to 8 MT.

The remaining Indian subsidiaries, currently focused on expanding downstream operations to meet customer demands and enhance product mix, will have a Capex of approximately Rs 2,000 Crore.

In Europe, Tata Steel Nederland will invest Rs 1,100 Crore in the relining of its blast furnace, which is already underway. The remaining Capex will be primarily allocated to sustenance, environmental initiatives, and improvement projects.

Additionally, Tata Steel has been actively engaging in comprehensive discussions with the UK government regarding the future of its operations in the country.

Popular Articles