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PLI scheme: 57 MoUs for specialty steel were signed with 27 companies

Under the PLI scheme, the government has approved Rs 63.22 billion.

Published

3 years ago

March 21, 2023

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The Ministry of Steel signed 57 Memoranda of Understanding (MoU) for specialty steel under the Production Linked Incentive (PLI) Plan with 27 firms.

The government has given Rs 63.22 billion under the PLI scheme to revitalise the steel industry.

Jyotiraditya Scindia, Union minister for Steel, praised the PLI Scheme for specialty steel participants’ initiatives after the contracts were signed.

According to the minister, the PLI programme is anticipated to result in an investment of around Rs 300 billion and the addition of roughly 25 million tonnes of specialty steel production capacity over the course of the following five years.

In addition to helping the country reach its goal of becoming the third-largest economy by the years 2030–31, this will also offer excellent chances for the development of both direct and indirect jobs. This is in line with Prime Minister Narendra Modi’s resolve and determination.

The minister claimed that an international structural shift from the West to the East has made India the centre of the development and expansion of the steel industry. India is poised to become a global leader in manufacturing, increasing the share of steel in the GDP from 2 to 5%.

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Shyam Metalics Unveils Rs 100 billion Capex Plan Under Vision 2031

Company targets Rs 400 billion topline by 2031 with 2.5x revenue growth

Published

4 days ago

October 23, 2025

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Shyam Metalics and Energy Limited (SMEL) has announced its Vision 2031, outlining a Rs 100 billion capital expenditure plan to expand capacity and achieve a topline of Rs 400 billion by 2031—a 2.5x revenue growth from current levels.

The company plans to enhance its integrated operations by focusing on high value-added and downstream products, including specialty steel, stainless steel, flat products, and aluminium. It also aims to strengthen its presence across key sectors such as defence, railways, engineering, and infrastructure.

SMEL will leverage brownfield expansions in West Bengal, Odisha, and Madhya Pradesh to optimise capital efficiency and minimise execution risk. The Vision 2031 roadmap underscores the company’s commitment to sustainable, value-driven, and capital-efficient growth across the metals sector.

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Tata Steel, Air Water India Ink 20-Year Deal for Jamshedpur ASU

Partnership to operate 1,800-tonne daily oxygen unit enhances steel efficiency

Published

4 days ago

October 23, 2025

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Tata Steel has signed a 20-year agreement with Air Water India Private Limited (AWIPL) to operate and maintain its advanced Air Separation Unit (ASU) in Jamshedpur. The partnership aims to boost Tata Steel’s industrial gas infrastructure and improve efficiency through the use of cutting-edge cryogenic technologies.

The agreement was signed between Peeyush Gupta, Vice President (TQM, GSP & SC), Tata Steel, and Kausik Mukhopadhyay, Managing Director, AWIPL. Under the contract, AWIPL will manage operations of the ASU, which can produce 1,800 tonnes of oxygen per day, along with nitrogen, argon, and dry compressed air. These gases are critical to Tata Steel’s blast furnaces and steel melting operations.

The ASU is currently in the stabilisation phase and will be officially handed over to AWIPL next month. The collaboration leverages AWIPL’s global expertise in cryogenic operations, particularly from its facilities in Japan, ensuring world-class maintenance and reliability.

The initiative underscores Tata Steel’s focus on integrating sustainable and efficient technologies across its facilities, aligning with its long-term commitment to responsible steelmaking and operational excellence.

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Jindal Stainless to double slag processing with new USD 150 mn wet milling plant

New Odisha facility to boost circular production, recover metals, and create 140 jobs.

Published

5 days ago

October 22, 2025

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In a major step toward circular manufacturing, Jindal Stainless, India’s largest stainless steel producer, is set to double its slag processing capacity with a new wet milling plant at its Jajpur facility in Odisha. The initiative supports the company’s circularity goals by recovering metal from industrial waste and conserving natural resources while creating about 140 new jobs in the region.

The company has partnered with Harsco Environmental, a global leader in sustainable metal industry solutions, to build and operate the facility under a 15-year partnership worth USD 150 million. This new collaboration strengthens the decade-long association between the two companies and will enable the Jajpur unit to become India’s first site with two wet milling plants.

Commenting on the development, Abhyuday Jindal, Managing Director, Jindal Stainless, said, “As we expand capacity to meet rising stainless steel demand, our focus remains on doing so responsibly and sustainably. The new wet milling plant, with benchmark metal recovery and waste management systems, will enhance slag utilisation and create new opportunities for local communities.”

Manjunath Raghavelu, Managing Director – India & MEA, Harsco Environmental, added, “This partnership marks an important milestone in advancing the circular economy. Together, we will strengthen our focus on sustainability and efficient slag utilisation at Jajpur.”

The project forms a key part of Jindal Stainless’ long-term ESG strategy and its commitment to achieve Net Zero by 2050. In FY25, the company reduced its carbon footprint by around 14 per cent through decarbonisation measures, including India’s first green hydrogen plant for stainless steel production and the country’s largest captive solar power installation at a single industrial campus in Odisha.