Odisha, which is close to Ratan Tata’s heart, has become a favourite investment location for Tata Steel. In such a situation, the company can break all investment records in this state in the coming years. Giving information on Monday, the company said that after the expansion of the second phase of the Kalinganagar plant, Odisha will become the largest investment location for the company. After this, the capacity of this plant will increase from 30 lakh tonnes per annum to 80 lakh tonnes. Let us also tell you what kind of information Tata Steel has provided.
What is the company going to do?
The company said in the statement that it has invested Rs 27,000 crore in the second phase of expansion of the Kalinganagar plant and is on the verge of commissioning its expanded capacity at the unit. The company said the ongoing expansion work at Kalinganagar will play an important role in Tata Steel’s ambition to achieve the target of 40 million tonnes per annum capacity in India by 2030. The second phase of expansion of Tata Steel’s Kalinganagar plant in Odisha’s Jajpur district… will position the eastern state to become the largest investment destination for the country’s oldest steelmaker, the statement said.
Investment of over Rs 1 lakh crore
With Tata Steel’s Meramandali (formerly Bhushan Steel Limited) plant in Dhenkanal district, the company’s total investment in Odisha is over Rs 100,000 crore. The statement said that even as the company is on track to commission its expanded capacity at Kalinganagar, Tata Steel believes there is scope to double the plant to 16 million tonnes per annum in the next few years, which will further strengthen Tata’s role in Odisha’s steel development journey.
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How much is Tata Steel’s stake?
On Monday, Tata Steel shares closed 0.52 per cent higher. After market close, the company’s shares are trading at Rs 154.20. The company’s shares reached as high as Rs 155.55 during the trading session. However, this morning the company’s shares opened at just Rs 155.55. A day ago, the company’s shares closed at Rs 153.40. On June 18, the company’s shares had hit a 52-week high of Rs 184.60. This means that the company’s shares are currently down over 16 per cent from their high.
