Tata Steel inks MoU with Punjab govt to set up steel plant in Ludhiana

29 Aug 2022 , 09:44 AM

The company said that this initiative to set up the greenfield facility at Kadiana Khurd, Hitech Valley, Ludhiana in Punjab is a part of Tata Steels commitment to investing in a circular economy and transitioning to low-carbon steelmaking through the steel recycling route. It is a step aligned to the Companys goal of achieving Net Zero carbon emission by 2045, it added. The state-of-the art EAF-based steel plant would produce construction grade steel rebar under the companys flagship retail brand Tata Tiscon, which would enable Tata Steel to further augment its market presence in the construction segment, the company stated in the press release. Bhagwant Mann, chief minister of Punjab, said, ?It is with immense pleasure that I welcome the Tata Group to the State of Punjab. The investment by the Tata Group in the Steel Sector in Punjab will boost industrial growth in the State. This is a proud moment for Punjab. My Government extends full support to make this venture a great success. I am confident that the youth of Punjab will benefit from the employment opportunities generated by this project.? On the occasion, T. V. Narendran, chief executive officer & managing director of Tata Steel, said, ?I would like to thank the Government of Punjab for their support towards our ambitious greenfield project in the State. 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.? In August last year, Tata Steel commissioned its first Steel Recycling Plant of 0.5 MnTPA capacity at Rohtak in Haryana. It is the first such state-of-the-art scrap processing facility in the country. In pursuit of achieving its net zero ambition and attaining leadership in sustainability, Tata Steel has made focused interventions across the value chain and is committed towards reducing its carbon footprint in production and through the life cycle of the product. In India, the Company aspires to achieve CO2 emission intensity of <2 tCO2 /tcs by 2025 and <1.8 tCO2/tcs by 2030. The steel company said that to accelerate its efforts in ensuring product sustainability, Tata Steel is leveraging Life Cycle Assessment (LCA) tool effectively to understand and improve the environmental performance of its products. Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 34 million tons per annum. On a consolidated basis, the steel majors net profit dropped 21% to Rs 7,714 crore on 18.8% increase in net sales to Rs 63128.32 crore in Q1 FY23 over Q1 FY22. Shares of Tata Steel were down 2.09% to Rs 105.15 on the BSE. Powered by Capital Market – Live News