Tata Steel seeks foreign investment for SEZ project in Odisha

Mumbai: Steel major Tata Steel today said it is in discussion with foreign companies for investments in heavy industries over the next five years at the Special Economic Zone project at Gopalpur in Odisha.

"We are in discussion with foreign companies for investments in heavy industries over the next five years at the Special Economic Zone project at Gopalpur in Odisha," Tata Steel India and South East Asia Managing Director TV Narendran said in a statement here.

"We have signed a definitive agreement to acquire 100 percent equity in Brahmani River Pellets Ltd (BRPL), which would give a vertical start up to enabling facilities," he added.

"For Tata Steel, the year 2016 would be remembered for the successful commissioning of Kalinganagar Steel Plant and marking a milestone for us and Odisha. After successful trials, the plant has made record production of 1 million tonnes (MT) of Hot Metalwithin six months of commissioning," Narendran added.

"For the first time, Tata Steel India's Jamshedpur and Kalinganagar facilities together clocked 1 MT of monthly sales in September 2016. Despite challenging times, we continue to remain a competitive and growth-oriented Integrated Steel Company in the country", Narendran said.

"2016 had been better than 2015 in terms of trade balance in steel, which has been made possible by the Centre's intervention to ensure a level playing field and firming up of international prices," he pointed out.

According to the senior official, India would continue to grow in terms of steel demand and consumption.

"However, the global overcapacity situation, significantly high coking coal prices and infrastructure bottlenecks would keep challenging the domestic steel industry. "India has the potential to become the world's leading steel producer. We hope the Centre's focus on infrastructure will help grow the demand further," he added.