Tata Steel to invest Rs 3,000 cr in Jharkhand for capacity expansion

Tata Steel, India's largest steelmaker, announced on Saturday that it will invest Rs 3,000 crore in Jharkhand over the next three years to expand capacity. Chief Minister Hemant Soren announced the commitment at the launch of the Jharkhand Industrial and Investment Promotion Policy (JIIPP) 2021. Through a two-day investors meeting that ended on Saturday, the Jharkhand government hopes to attract Rs 1 lakh crore in investment and create 5 lakh jobs in the state. Chanakya Choudhary, Vice President - Corporate Services, Tata Steel, told the media that Tata Steel plans to invest Rs 3,000 crore in Jharkhand over the next three years to expand its coal and iron ore mine capacities as well as its downstream value-added steel portfolio. Tata Steel has been headquartered in Jharkhand for the past 114 years. The chief minister informed that an upgraded industrial policy has been prepared and that Tata Steel's willingness to invest in Jharkhand is a source of pride. Tata Steel is Asia's first fully integrated private steel company, with operations ranging from mining to manufacturing and distribution of finished goods. With an annual crude steel capacity of 34 million tonnes (mt), it is the Tata group's flagship company and one of the top 10 global steel companies. It generates a revenue of Rs 1,84,191.47 crore. With operations in 26 countries and a commercial presence in more than 50, it is the world's second-most geographically-diversified steel producer. India, the United Kingdom, the Netherlands, Thailand, Singapore, China, and Australia have the largest production facilities. The operating companies of the Tata Steel Group are Tata Steel Limited (India), Tata Steel Europe Limited (formerly Corus), NatSteel, and Tata Steel Thailand. The company's raw material operations are spread across India and Canada, while the raw materials and iron-making groups handle the key manufacturing functions, with Shared Services providing maintenance support to ensure smooth production. Jharkhand Chief Minister Hemant Soren offered sops and facilities to mega industrial players such as Tatas, Vedanta, SAIL, NTPC, and Maruti Suzuki on Friday to attract big-ticket investments and make Jharkhand a leading hub for manufacturing electric vehicles, among other things. One of the leading automobile manufacturers, Tata Motors, already has a manufacturing plant in Jamshedpur, Jharkhand. Image Source Also read: Tata Steel sets up 0.5 mtpa steel recycling unit in Haryana Also read: Tata Steel sets up world’s first ultraviolet oxidation plant in Odisha