35 companies submit applications under the PLI program for special steel: Scindia

0

As many as 35 companies have submitted 79 applications under the PLI program for special steels, Union Steel Minister Jyotiraditya Scindia said on Tuesday.

The minister shared the information during a speech at the “National Management Convention” organized by the All India Management Association (AIMA) in the nation’s capital.

“We closed all applications two days ago and received nearly 79 applications from 35 companies. Planning to set up nearly 28 million tonnes per annum (MTPA) of new special steel capacity which will result in the creation of 70,000 jobs,” he said.

The candidates include major steel players like Tata Steel, JSW Steel, JSPL, AMNS India and SAIL, a senior steel ministry official told PTI. However, no foreign entity has made a proposal.

After shortlisting the proposals, the government will publish a final list which would take about 35 to 40 days, the official said.

September 15 was the deadline for manufacturers to apply for the benefits of the Production-Linked Incentive (PLI) program for specialty steels. Previously, the deadline was March 29.

The deadline was extended several times after discussions with stakeholders who had raised concerns about the program.

The program covered five categories of special steels – coated/clad steel products, high-strength/wear-resistant steel, special rails, alloy steel products, steel wires and steel electric.

In July last year, the Union cabinet approved a Rs 6,322 crore PLI scheme to boost the production of special steel in India. The move is expected to attract additional investment of around Rs 40,000 crore and generate 5.25 lakh of employment opportunities.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Share.

Comments are closed.