The Business Bytes
TBB BUREAU
CHANDIGARH, AUG 26, 2022
In a bid to give further fillip to industrial development in the state, Punjab Chief Minister Bhagwant Mann on Friday handed over the land allotment letter to Tata group for setting up its scrap-based steel plant at an investment of Rs 2,600 crore in first phase in Ludhiana.
“We are committed for making Punjab a front runner in industrial sector and this maiden investment by Tata group in state is a step forward in this direction,” asserted the Chief Minister during meeting with delegation led by Global CEO & Managing Director, Tata Steel Ltd, TV Narendran, who called on him at his office here.
Welcoming the Tata group to the state, the Chief Minister said that this is a ‘Red letter’ day in the history of the state as this is maiden investment by this globally leading company in the state.
The Chief Minister said the Tata Group will invest around Rs 2,600 crore in the first phase of the project which will be located at Kadiana Khurd, Hitech Valley, Ludhiana in Punjab.
This initiative to set up the greenfield facility is part of Tata Steel’s commitment to investing in a circular economy andtransitioning to low-carbon steelmaking through the steel recyclingroute. It is a step aligned to the Company’s goal of achieving Net Zero carbon emission by 2045.
The state-of-the art EAF (electric arc furnace)-based steel plant would produce 0.75 MTPA construction grade steel rebar under the Company’s flagship retail brand ‘Tata Tiscon’, which would enable Tata Steel to further augment its market presence in the construction segment.
On the occasion, TV Narendran, Chief Executive Officer & Managing Director, Tata Steel, said: “Punjab is an ideal location for our electric arc furnace given its proximity to the market and scrap generating Auto hub. Steel produced through the recycled route entails lower resource consumption and lower carbon emissions, which reinforces our commitment to reducing the environmental impact of our operations. We see a good long-term potential of growth for steel making through scrap route in India, if effective and simplified scrap collection policies are made and implemented.”
