Tata Steel plans 160,000 mn capex in FY24

20 Jun 2023 CW Team

According to its top management, global industrial giant Tata Steel anticipates spending 160,000 million on capital projects (capex) for both domestic and international operations in the current fiscal year.

According to the company's CEO & MD T V Narendran and Executive Director & CFO Koushik Chatterjee, out of the anticipated amount, Tata Steel has set aside 100,000 million for standalone operations and 20,000 million for its Indian subsidiaries.

According to the executives' statement in the company's annual report for 2022–23, "The projected capital expenditure (capex) for FY2023–24 is set at Rs 160,000 million on a consolidated basis and is intended to be financed through internal accruals over the course of the full year."

According to them, 100,000 million of this will go towards Tata Steel Standalone operations, of which the Kalinganagar project will make up roughly 70%.

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