PLI scheme: 26 cos signed deal for specialty steel
Steel Minister Scindia Urges Stakeholders to Look for Investment Opportunities
- New Delhi: Agreements have been signed with 26 companies for 54 applications under the production linked incentive (PLI) for specialty steel, Union steel minister Jyotiraditya M Scindia said on Thursday.
- The minister made the remarks at the Global Zinc Summit 2023 in the national capital where he also urged the stakeholders to explore investment opportunities in India.
- "We had a PLI for specialty steel and that includes steel products with zinc. I report we have awarded 54 applications submitted from close to 26 companies (which I will lead to) an investment of...Rs 30,000 crore, a capacity addition of 26 million tone and employment generation potential of about 25,000 people," Scindia said.
- India is the fourth largest producer of zinc contributing to 6% of the world's capacity alone, he said adding 80% of the non-ferrous metal produced in the country is consumed domestically. In India, the government has announced a huge capex of Rs 10 lakh crore for infrastructure which has opened tremendous investment opportunities across the sec- tors, the minister informed the participants of the summit.
- "Zinc is consumed in galvanizing, Structurals, wires, vanishing, Structurals, wires, cables and trains etc. but there are new markets which represent tremendous opportunities like renewable energy, rural electrification, galvanizing rebars. There are new opportunities," he said.
- The top five steel companies-Tata Steel, JSW Steel, JSPL, AMNS India and SAIL -dominate the list of qualifiers under the PLI scheme for specialty steel. Besides, there are a few others like Gallant Mehaliks, Kalyani Steels, Shyam Metalicos Flat Products and Sun flag Iron and Steel who have been selected under the PLI scheme.
- The Union Cabinet in July 2021 approved a Rs 6,322- crore PLI scheme to boost the production of specialty steel in India.
- Some of the categories of specialty steel included in the scheme are coated/plated steel products, high strength/wear-resistant steel, specialty rails, alloy steel products, and steel wires, and electrical steel.