Odisha Could Become Main Investment Destination After Tata Steel’s Kalinganagar Expansion

Following the phase-II expansion of its Kalinganagar facility, which would increase production from 3 million tonnes per annum to 8 million tonnes per annum, Tata Steel announced on 16 September 2024 that Odisha would become the single-largest investment destination for the firm.

The steel major has invested INR 27,000 in phase II of the Kalinganagar plant expansion, and the firm is on the verge of commissioning its enlarged capacity at the unit, according to a release issued by the company.

Tata Steel has stated that the ongoing development in Kalinganagar will play a significant role in the company's efforts to reach its goal of achieving a capacity of 40 million metric tonnes per annum in India by the deadline of 2030.

Odisha on the Rise

As stated in the official statement, the phase-II expansion of Tata Steel's Kalinganagar plant, which is located in the Jajpur district of Odisha, will also propel the eastern state to the coveted status of becoming the single-largest investment location for the country's oldest steel maker.

The business has made a total investment in Odisha that exceeds INR 100,000 crore, which includes the Tata Steel Meramandali factory in the Dhenkanal region. This plant was originally known as Bhushan Steel Ltd.

In spite of the fact that the business is on the cusp of commissioning its enlarged capacity in Kalinganagar (to 8 mtpa), Tata Steel feels that the facility has the potential to double this capacity to 16 mtpa in the future years. This would further reinforce Odisha's role in Tata Steel's growth trajectory.

Kalinganagar Has Become the Preferred Destinantion for the Company

For Tata Steel, the narrative of Kalinganagar has been truly memorable. In less than a year after it was put into operation, plant had reached nearly full capacity utilisation, and it is now commencing the second phase of our expansion initiative. Tata Steel's presence in the automotive and high-end quality product market segments will be strengthened as a result of the product mix that is currently being deliberated. Tata Steel's Chief Executive Officer and Managing Director, TV Narendran, stated that the Kalinganagar facility is anticipated to be among the most cost-effective steel manufacturers in the world.

The Tata Steel Kalinganagar factory, which began commercial production in May 2016, has been responsible for the creation of employment possibilities in the state that are both direct and indirect for more than 21,955 individuals. Included in this are 3,611 people who are employed directly, as well as 18,344 people who are employed indirectly (via contracts).

List of All the Companies Owned by Tata Group 2022

Tata Group of industries is an Indian multinational conglomerate founded by Jamshedji Tata. Here’s a list of all companies owned by Tata Group.

StartupTalkyDamini Bhandary