The government has signed 26 companies under the production linked incentive (PLI) for specialty steel, Union Steel Minister Jyotiraditya M Scindia said on Thursday, reported PTI.
Speaking at the fourth edition of the Global Zinc Summit in New Delhi, Scindia said, “We had a PLI for speciality steel and that includes steel products with zinc. I report we have awarded 54 applications submitted from close to 26 companies (which will lead to) an investment of...Rs 30,000 crore, a capacity addition of 26 million tonne and employment generation potential of about 25,000 people."
A Rs 6,322-crore PLI scheme to increase the production of specialty steel in India was approved by the Union Cabinet in July 2021. Specialty rails, high strength/wear-resistant steel, alloy steel products, steel wires, and electrical steel are a few of the categories of specialty steel that are covered under the scheme.
Scindia also asked the industry stakeholders to explore investment opportunities in India. He said the government of India has announced a huge capital expenditure of Rs 10 lakh crore for infrastructure which has opened tremendous investment opportunities across the sectors.
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"Zinc is consumed in galvanising, structurals, wires, cables and trains etc but there are new markets which represent tremendous opportunities like renewable energy, rural electrification, galvanising rebars. There are new opportunities," he said.
Scindia further added that India is the fourth largest producer of zinc contributing to 6 per cent of the world's capacity and 80 per cent of the non-ferrous metal produced in the country is consumed domestically.
According to the report, Tata Steel, JSW Steel, JSPL, AMNS India, and SAIL, the top five steel companies dominate the list of qualifiers under the PLI scheme for specialty steel. Others like Gallant Metalliks, Kalyani Steels, Shyam Metalics Flat Products, and Sunflag Iron and Steel have also been selected under the PLI scheme.