India’s largest steel maker company, Tata steel, has signed a Memorandum of Understanding (MoU) with the Punjab government to set up a new plant of 0.75 million tonnes per annum (MnTPA) long products steel plant with a scrap-based electric arc furnace (EAF).

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Per the Company’s statement, “this initiative to set up the greenfield facility at Kadiana Khurd, Hitech Valley, Ludhiana in Punjab is a part of Tata Steel’s commitment to investing in a circular economy and transitioning to low-carbon steel making through the steel recycling route. It is a step aligned to the Company’s goal of achieving Net Zero carbon emission by 2045.”

Bhagwant Mann, chief minister of Punjab, said, “It is with immense pleasure that I welcome the Tata Group to the State of Punjab. The investment by the Tata Group in the Steel Sector in Punjab will boost industrial growth in the State. This is a proud moment for Punjab. My Government extends full support to make this venture a great success. I am confident that the youth of Punjab will benefit from the employment opportunities generated by this project.”

On occasion, TV Narendran, chief executive officer & managing director of Tata Steel, said, I would like to thank the Government of Punjab for their support towards our ambitious greenfield project in the State. Punjab is an ideal location for our electric arc furnace, given its proximity to the market and scrap generating Auto hub. Steel produced through the recycled route entails lower resource consumption and carbon emissions, reinforcing our commitment to reducing the environmental impact of our operations. We see a good long-term potential of growth for steel making through the scrap route in India if effective and simplified scrap collection policies are made and implemented.”

The top global steel company are named Tata Steel Group, with an annual crude steel capacity of 34 million tons per annum. The Company’s consolidated net profit fell 21 per cent to Rs 7,714 crore on 18.8 per cent, which increased in net sales to Rs 63128.32 crore in the first quarter of the financial year 2023 over the first quarter of the financial year 2022. Tata Steel’s shares were down 2.09 per cent to Rs 105.15 on the Bombay Stock Exchange (BSE).