Tata Steel in talks with foreign firms for Odisha project

The Dollar Business Bureau

Tata Steel is trying to attract foreign investments in heavy industries over the next five years at the Special Economic Zone project at Gopalpur in Odisha. The company is in talks with international firms to take the proposal forward.

The plan was confirmed by Tata Steel India and South East Asia Managing Director TV Narendran, “We are in discussion with foreign companies for investments in heavy industries over the next five years at the Special Economic Zone project at Gopalpur in Odisha."

Narendran also informed about the company having signed a definitive agreement to acquire 100 percent equity in Brahmani River Pellets Ltd (BRPL), which would give a vertical start up to enabling facilities.

According to him, the year 2016 holds significance in terms of successful commissioning of Kalinganagar Steel Plant, thereby marking a milestone for both the company and Odisha. It should be noted that the plant has made record production of 1 million tonnes (MT) of Hot Metal within six months of commissioning.

"For the first time, Tata Steel India's Jamshedpur and Kalinganagar facilities together clocked 1 MT of monthly sales in September 2016. Despite challenging times, we continue to remain a competitive and growth-oriented Integrated Steel Company in the country", Narendran said.

He also noted that 2016 had been a better year when it comes to comparing the trade balance of steel in 2015. According to him, the government made it possible by bringing about a level-playing field and firming up of international prices.

"India has the potential to become the world's leading steel producer. We hope the Centre's focus on infrastructure will help grow the demand further," Narendran added.