Qualifiers of PLI scheme to sign agreements with the steel ministry

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Qualifiers of PLI scheme to sign agreements with the steel ministry

The steel ministry is all set to sign agreements with Qualifiers of Production Linked Incentive Scheme (PLI) scheme for specialty steel to take their investment proposals forward. The government announced selection of 67 entries with an investment potential of Rs 42,500 crore under the scheme.

The proposed investments are expected to generate 70,000 job opportunities and add 26 million tonnes of speciality steel capacity in the country.

“Now the selected companies will sign a memorandum of understanding (MoU) soon with the ministry of steel to take their commitments forward,” an official was quoted saying.

Except for the divestment-bound RINL, all major steel players along with a few others participated in the scheme, the official said

As many as 35 companies had submitted 79 applications under the PLI scheme for specialty steel, while 67 entries were selected.

The top five steel companies include Tata Steel, JSW Steel, JSPL, AMNS India and SAIL under the PLI scheme for specialty steel. Besides, there are a few others like Gallant Metalliks, Kalyani Steels, Shyam Metalics Flat Products and Sunflag Iron and Steel who have been selected to invest under the production linked incentive (PLI) scheme.

The Union Cabinet in July last year approved a Rs 6,322-crore PLI scheme to boost the production of speciality steel in India.

Some of the categories of specialty steel included in the scheme are coated/plated steel products, high strength/wear-resistant steel, specialty rails, alloy steel products, and steel wires, and electrical steel.

 

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