SAIL plans Rs 1.5 lakh crore investment by 2030-31 to ramp up steel production

SAIL, country's largest steel maker, has charted investment of Rs 1,50,000 crore till 2030-31 to ramp up steel production from 23 million tonnes to 50 million tonnes.

"We have prepared an investment plan of Rs 1,50,000 crore till fiscal 2030-31 to increase the steel production capacity to 50 million tonnes from 23-24 million tonnes now", Steel Authority of India chairman (SAIL) C S Verma told PTI.

He said the proposal would be presented before the Board shortly for approval.

The PSU steel maker indicated that the investment line-up would encompass both brownfield and greenfield expansion.

Of the Rs 1.5 lakh crore capital expenditure plan, Rs 40,000 crore will be invested in West Bengal in new capacities and allied activities, including mining.

Verma said steel capacity for Bengal would be raised to 10 million tonnes from five million tonnes now.

Moreover, Bengal is set to get the country's first iron-ore nuggets plant that would be built in collaboration with Kobe Steel.

A 50:50 joint venture has been formed with Kobe Steel to set up a commercial plant for making iron ore nuggets.

The project will come up at Durgapur and use the Japanese steel maker's patented iron making technology.