UditVani, New Delhi: Tata Steel had planned Rs 12,000 crore of capex for the year 2022-23, of which Rs 8,500 crore was for India and the rest (Rs. 3,500 crore) for Europe.
T V Narendran, global CEO and MD of Tata Steel today said that the company has spent less than half of the capex planned for ongoing 2022-23 fiscal year
Tata Steel reported 90 per cent drop in consolidated net profit to Rs 1,297 crore in Q3 (July-Sep 2023) as against Rs 12,547.70 crore in the year-ago period.
Tata Steel India acquired Neelachal Ispat Nigam Ltd (NINL), Kalinga Nagar for Rs 12,000 crore in a bidding process in July 2023. The company started opetations at NINL started in October and is focused on ramping up production gradually to rated capacity ( 1.1 million tonnes) .
Tata Steel owns the UK’s largest steelworks at Port Talbot in South Wales and employs around 8,000 people across its operations in the country. The company is seeking 1.5 billion pounds from the UK government to execute its decarbonisation plans.
Narendran has also said Tata Steel’s future course of action with respect to its UK business will be based on the British government’s response to the company’s proposal seeking financial support to sustain the business.
In September, the board of Tata Steel approved the amalgamation of its seven subsidiaries — Tata Steel Long Products, Tata Metaliks, The Tinplate Company of India, TRF Limited, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining — into itself.
The consolidation process at Tata Steel will continue, said Narendran.
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