During a meeting with the delegation led by the Global CEO and Managing Director of Tata Steel Limited, the Chief Minister said, “We are committed to make Punjab an industrial leader and this first investment by the Tata Group in the state is a step forward in this direction. Is.” TV Narendran, who met him at his office on Friday.
Welcoming the Tata Group to the state, the Chief Minister said that it is a ‘red letter’ day in the history of the state as this is the first investment by this globally leading company in the state. He expressed hope that the investment by this major industrial group would take the state forward on the high growth path of industrial development. Bhagwant Mann further said that it is a proud moment for Punjab and the state government will extend full support and cooperation to the Tata group for setting up and operating the plant in the state.
The Chief Minister said that the youth of the state would benefit immensely from this project as it would open up new employment opportunities for them. He said that the Tata group will invest around Rs 2600 crore in the first phase of the project which will be located in Ludhiana, adjacent to the Punjab government’s Hi-Tech Valley Industrial Park. Bhagwant Mann said that this is the first investment by the Tata group in Punjab and it will prove to be a milestone in accelerating industrial development in the state.
The Chief Minister also patted the team from Invest Punjab, which facilitated the Tata Steel management in the Tata group’s endeavor to set up India’s first scrap based integrated steel plant. He said that this electric arc furnace based plant will produce 0.75 MTPA of finished steel and the raw material for the steel making process is 100% scrap. Bhagwant Mann said that the plant would be spread over 115 acres of land adjacent to a state-of-the-art industrial park developed by PSIEC.
Speaking on the occasion, TV Narendran, CEO and Managing Director, Tata Steel, thanked the Government of Punjab for its support for our ambitious greenfield project in the state. He said that Punjab is an ideal location for their Electric Arc Furnace, proximity to the market and scrap generating auto hub. TV Narendran said that steel produced through the recycling route has low resource consumption and low carbon emissions, which reinforces their commitment to reduce the environmental impact of our operations. He said that if effective and simple scrap collection policies are formulated and implemented, we see a good potential for steel making in India through the scrap route.
Relevantly, the Tata Steel Group is one of the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world’s most geographically diverse steel producers with operations and commercial presence around the world. The Group recorded a consolidated turnover of US$ 21.06 billion for the financial year ended March 31, 2021.
Cabinet Minister Anmol Gagan Mann, Chief Secretary Vijay Kumar Janjua, Principal Secretary Investment Promotion Dilip Kumar, Invest Punjab CEO Kamal Kishore Yadav, Special Principal Secretary to CM Ravi Bhagat and Kumar Amit were present on the occasion.
The Tata Steels delegation also included Vice President Financial Operations & Corporate Reporting Sanjib Nanda, Vice President Corporate Services Chanakya Chaudhary and MD Tata Steel Long Products Ashish Anupam.
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