- 12 Dec 2022
- ICICIdirect Research
STEEL MINISTRY SELECTS 67 APPLICATIONS FROM 30 COMPANIES UNDER PLI SCHEME FOR SPECIALTY STEEL
The Ministry of Steel has selected 67 applications from 30 companies under its production-linked incentive (PLI) scheme for specialty steel. This will attract committed investment of Rs 42500 crore with a downstream capacity addition of 26 million tonne as part of the five-year scheme and employment generation potential of 70000. The scheme is designed to incentivise the localisation of steel used for specialised applications, which at present is largely imported from countries like Japan and Korea
This development augurs well for the domestic steel sector. PLI scheme for specialty steel was approved with a five-year financial outlay of | 6322 crore to promote the manufacturing of specialty steel within the country by attracting capital investment, generate employment and promote technology upgradation in the steel sector. As per media sources, primary steel makers such as SAIL, Arcelor Mittal Nippon Steel, Tata Steel and JSW Steel as well as multiple other smaller companies are present in the list of approved applicants