New Delhi, Feb 9 (LatestNewsX) The Ministry of Steel on Monday signed Memoranda of Understanding (MoUs) with 55 companies for 85 projects, involving an investment of Rs 11,887 crore.
These projects are expected to add 8.7 million tonnes of speciality steel capacity by 2030-2031, significantly expanding India’s capabilities in high-end steel segments such as electrical steel, alloy and stainless steels, coated products, and grades required for strategic sectors.
The MOUs were signed at Vigyan Bhavan here under the third round of the Production-Linked Incentive (PLI) Scheme 1.2 for Specialty Steel, which was launched by Minister of Steel H.D. Kumaraswamy.
Addressing the gathering after the MoU signing ceremony, Kumaraswamy underscored that PLI 1.2 is a decisive step towards building a resilient and globally competitive speciality steel ecosystem, fully aligned with the vision of Prime Minister Narendra Modi.
The Union Minister noted that the scheme advances the twin national priorities of Make in India and Aatmanirbhar Bharat by encouraging domestic capacity creation in advanced and strategic steel products.
The third round of the PLI Scheme has been launched in response to strong industry demand and the need for sustained capacity expansion in speciality steel, which is essential to sectors such as automobiles, railways, defence, electrical equipment, and aerospace.
With incentive rates ranging from 4 per cent to 15 per cent over a five-year period, the scheme is designed to promote investment, technology upgradation, and value addition while integrating Indian manufacturers into global value chains.
Speaking on the broader impact of the scheme, the Minister highlighted that “PLI 1.2 seeks to address the structural gap by incentivising domestic production, conserving foreign exchange, and positioning India as a reliable global supplier of advanced steel”.
Union Minister added in that “The achievements under earlier rounds of the PLI Scheme further reinforce the policy’s effectiveness. Across PLI 1.0 and 1.1, committed investments of Rs 43,874 crore have already translated into substantial on-ground progress, including significant capacity creation and employment generation. PLI 1.2 builds on this momentum, deepening the domestic steel ecosystem and strengthening the entire value chain.”
Kumaraswamy called upon participating companies to implement their projects in a time-bound manner and maximise the use of indigenous technologies and inputs.
He reiterated the Government’s commitment to facilitation and timely resolution of operational issues, emphasising that the success of PLI 1.2 will play a pivotal role in India’s journey towards becoming a global hub for speciality steel manufacturing.
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