Mills to add 26 million tonne Specialty steel capacity
Ministry of Steel has selected 67 ‘Specialty Steel’ applications from 30 small and large mills, committing Rs.42,500 crore, under the Production Linked Incentive (PLI) scheme which is designed to attract capital investment, generate employment and promote technology for up-gradation in the sector.
The selected mills have committed to invest on 26 million-tonne of new capacity and employment generation of 70,000.
The application window for participation in the PLI scheme was closed on 15 Sept 2022.
A total of 79 applications were received from 35 small and large steel-making companies, committing investment of Rs.46,000 crore and downstream capacity addition of 28 million tonne by 2030, the Ministry said on 9 Dec 2022.
The Scheme for Specialty Steel was approved by Cabinet on 22 July 2021, with a five-year financial outlay of Rs.6,322 crore. fiinews.com
