Tata Sponge likely to invest Rs 3,000 cr in steel manufacturing facility

Tata Sponge Iron is planning to invest around Rs 3,000 crore to set up a steel manufacturing facility.

Quoting a person with knowledge of the plan, a report in ET said, “the project is under active consideration.”

It may be recalled that The Tata Steel subsidiary had announced in 2017 that it would set up a 1.5 million tonne steel plant at Joda in ironore rich Odisha. The State also houses its current facility.

In its annual note to shareholders, the company said, “Considering the future growth potential of the steel industry, the company has applied to the ministry of environment, forests and climate change for permission to set up a 1.38 million metric tonne steel plant in phases at Joda.”

It is planning to set up a blast furnace and expects the integrated steel plant to be ready in the next four years.

Image Credit : steelguru.com

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