Tata Steel will double its current steel production capacity in India from 20 million tonne to 40 million tonne in the next 10 years, chairman N Chandrasekaran said on Thursday, while marking the Founder’s Day of Tata Steel on the 183rd birth anniversary of Jamsetji N Tata, in Jamshedpur.
“The Tata Group is committed to Tata Steel in a big way and the current capacity in India of 20 million tonne is going to be doubled during this decade to 40 million tonne. And there will be expansions in Jamshedpur. Already, we are making investments in downstream businesses,” he said.
Chandrasekaran said the “best of Tata Steel is yet to come”, as he highlighted that the company has had its best-ever performance in terms of output and financial performance this fiscal.
Tata Steel reported a 139% year-on-year increase in its consolidated net profit to Rs 9,598 crore during the third quarter ended December 31, 2021. The company also reported a sharp 45% y-o-y surge in consolidated revenues from operations to Rs 60,783 crore. Tata Steel’s India operations reported a 4% y-o-y increase in crude steel production to 4.81 million tonne during the quarter. The company has also done well on its debt reduction, as it repaid Rs 17,376 crore of debt in the first nine months on the financial year, and net debt as at the end of December was Rs 62,869 crore.
Appreciating the efforts of the employees during the last two years amidst the pandemic, he said, “Tata Steel has a very energetic, vibrant, and well-meaning workforce, which beautifully blends the growth, the strong financial performance, aspiration, but most importantly [does it with] purpose and does not shy away to put its hand up every time something needs to be done for society.”
Chandrasekaran said it is his desire that every Tata Group company has a home in Jamshedpur. “Already, you have seen Tanishq, we have got Big Basket, 1MG, and there are many other companies. Tata Power is very active here, making solar power here, and I am hopeful that the city of Jamshedpur will not only become a national benchmark in terms of sustainability, in terms of ease of living and all the other facilities that we can create, but also all the other digital technologies we can bring in,” he said.
from The Financial Express https://bit.ly/3pBBJTt
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