Tata Steel commits to invest Rs 3,000 crore in Jharkhand over next 3 years

“Tata Steel plans to invest Rs 3,000 crore in the next three years in Jharkhand with the expansion of capacities of coal and iron ore mines and downstream value-added steel portfolio,” Chanakya Choudhary, Vice President – Corporate Services at Tata Steel, told PTI. Choudhary averred Tata Steel was in Jharkhand for the past 114 years and it was home to the steel company.

On Saturday, India-based steel company Tata Steel averred its aim to raise Rs 3,000 crore in Jharkhand over the upcoming three years that will enable the company to increase its reach. This announcement was made at the launch event of the Jharkhand Industrial and Investment Promotion Policy (JIIPP) by Chief Minister Hemant Soren.

“Tata Steel plans to invest Rs 3,000 crore in the next three years in Jharkhand with the expansion of capacities of coal and iron ore mines and downstream value-added steel portfolio,” Chanakya Choudhary, Vice President – Corporate Services at Tata Steel, told PTI. Choudhary averred Tata Steel was in Jharkhand for the past 114 years and it was home to the steel company.

Soren added: “You all are part of the Jharkhand family. And we want our family to grow further so that the rich identity of the state comes in front of the country and the world.” The chief minister said that an upgraded industrial policy has been prepared and it is a matter of pride that Tata Steel has expressed willingness to invest in Jharkhand.

Tata Steel, a Jharkhand-based company with a revenue of Rs 1,84,191.47 crore. Aiming to make larger investments and a focal for the manufacturing of electric vehicles, Jharkhand Chief Minister Hemant Soren granted facilities to industrial giants like Tatas, Vedanta, SAIL, NTPC and Maruti Suzuki.

“During one on meeting with Tata Group officials, the Chief Minister asked them why can’t open an electric vehicles manufacturing plant in the state,” an official privy to the meeting told PTI. A Tata Group senior official asserted that the discussions centred around the proposed EV policy of the state and expansion of group activities in the state, and the group would soon come out with suggestions in this regard.

Source Business Standard
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