Left Menu
Development News Edition

Tata Steel capex likely to touch 9,000cr in FY20

PTI | Kolkata | Updated: 16-02-2020 15:18 IST | Created: 16-02-2020 15:18 IST
Tata Steel capex likely to touch 9,000cr in FY20

Tata Steel Ltd is expecting its capex during the current fiscal to touch the Rs 9,000-crore

mark, company sources said. The steel major, however, will take a cautious

approach at the capital allocation for the next financial year, they said.

The steel maker had, earlier, said that it would revise the planned capital expenditure for the 2019-20 to Rs

8,000 crore from Rs 12,000 crore for the group. In the third quarter, company had spent about Rs 2,777

crore, taking the total capital expenditure to Rs 7,762 crore during the first nine months of the current fiscal, sources

said. The company had invested around Rs 1,367 crore for its

India operation, including about Rs 935 crore expenditure for its Kalinganagar plant in Odisha, they said.

"A part of the capex is committed to Tata Steel Europe. Thus, the actual spending will be higher. By the

year-end, the capex will be around Rs 9,000 crore. "But (we are) looking at the capital allocation very

sharply for the next year and it would depend on how the markets play out over the next few months," sources said.

They said the company has prioritised the pellet plant and the cold-rolling mill.

"The pellet plant will help us to bring down costs while the cold-rolling mill to add value to the product

mix...We maintain our target to commission the same in about a year from now," the company had informed the analysts.

For other projects, the steel maker will phase it out depending on the market conditions, soures added. PTI BSM

BDC BDC

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION / BLOG / INTERVIEW

'Diya jalao' for COVID 19: Modi needs to practice his teachings and control fake news on social media

In his video message to the nation on Friday the Prime Minister talks about peoples collective power to win the invincible. However, he has made no concreate efforts to win over the confidence and represent the collective power of the polit...

Tourism post-COVID 19: Lessons learned, out-of-box strategies to ensure the revival

In the pre-COVID 19 period the tourism industry was seen with much hope throughout the world. However, the COVID 19 pandemic has completely paralysed the tourism industry and its dependent sectors. The tourism industry in the post-COVID 19 ...

Cybersecurity post-COVID 19: More internet means more threats, stay alert folks!

When supported by adequate digital awareness campaigns and more crackdowns on cybercrimes, increased internet usage will help more people embrace technology and better understand the risks, bringing us closer to unleashing the true potentia...

Rising temperatures in India seem to counter the spread of COVID 19 infections

Scary predictions on the rate of spread of COVID 19 infections in India are floating in media. But the data on the spread of infections coming so far point to a contrary trajectory putting a question mark on such predictions. Explanations o...

Videos

Latest News

Russia says U.S. has legal curbs on oil output cuts, but should be flexible

Russian Energy Minister Alexander Novak said on Friday that the United States has legal restrictions on oil output cuts, but the country should be flexible with them, RIA news agency reported.Earlier on Friday, Russian President Vladimir Pu...

Elderly couple recover from COVID-19 in Kerala

An elderly couple in Kerala, who were tested positive for COVID-19, were discharged from the hospital after recovering on Friday. Earlier, 93-year-old Thomas and 88-year-old Thresyamma were discharged from Medical College Kottayam.Meanwhile...

U.S. grants oil refiner Nynas more time amid Venezuela sanctions

The U.S. Treasury Department on Friday extended the time for companies to conduct business with Swedish oil refiner Nynas, which fell under U.S. sanctions imposed on Venezuela, through May 14.The department, in a notice on its website, exte...

103 people from Gujarat attended Tablighi Jamaat event: DGP

A total of 103 people from Gujarat had attended the Tablighi Jamaat gathering in Delhi in mid-March and police have traced 19 more such people, state Director General of Police DGP Shivanand Jha said on Friday. 19 more people, who had atten...

Give Feedback