Tata Steel is expected to invest INR 1tn ($13bn) to fulfil its plans to double steelmaking capacity in India to 40mn metric tonnes (MT) by 2030, as per industry experts. Sources say that the steel major prefers to grow the capacity organically rather than acquiring assets and that expansion of its existing facilities at Angul, Kalinganagar and Jamshedpur would be enough to hit the target. This comes after Tata Group Chairman N Chandrasekaran said, “The current capacity in India of 20MT is going to be doubled during this decade. Tata Steel has had the best-ever performance in its history, in terms of output and financial performance”. Globally, Tata Steel has a 34mn MT capacity. Analysts note that Tata Steel’s net debt reduction by 40% since the pandemic will help it become fiscally prudent to begin its new investment cycle.
Tata Steel’s dollar bonds were lower with its 5.45% 2028s down 2.3 points to 100.75, yielding 5.3%
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