Tata Steel to invest ₹12,000 crore in FY23 on India, Europe operations: CEO Narendran

Tata Steel plans to invest ₹8,500 crore in India and ₹3,500 crore on the company's operations in Europe

Tata Steel has planned capital expenditure (capex) of ₹12,000 crore on its India and Europe operations during the current financial year, the company's Chief Executive Officer T.V. Narendran said.

The domestic steel major plans to invest ₹8,500 crore in India and ₹3,500 crore on the company's operations in Europe, Mr. Narendran, who is also the managing director (MD) of Tata Steel, told PTI in an interview.

On Tata Steel's CAPEX plans for FY23, he said: "We have planned for about ₹12,000 crore of capex for the year of which about ₹8,500 crore will be spent in India and the balance in Europe." In India, the focus will be on the Kalinganagar project expansion and mining activity, and in Europe, it will be focussed on sustenance, product mix enrichment and environment-related capex, Narendran said.

The company is in process of expanding capacity of its plant in Kalinganagar, Odisha to 8 MT from 3 MT.

In addition to this, Tata Steel will be spending about ₹12,000 crore on inorganic growth in India in the NINL acquisition, he said.

Tata Steel through its wholly-owned subsidiary Tata Steel Long Products Limited (TSLP), completed the acquisition of Odisha-based one Million Tonne Per Annum (MTPA) steel mill NINL for a consideration amount of ₹12,000 crore.

Elaborating on the European business, he said it has been divided into the Dutch business and the British business.