Neelachal Ispat Nigam commences operations with the lighting of its Blast Furnace, within 90 days of acquisition by Tata Steel

Tata Steel Long Products (TSLP) today achieved a major milestone with the restarting of the Blast Furnace at the Kalinganagar plant of its subsidiary, Neelachal Ispat Nigam Ltd (NINL), just 90 days after the completion of its acquisition on July 4, 2022. The rapid restart underlines Tata Steel's commitment to the site, the underlying strength of the existing assets and its importance to Tata Steel's strategy.

T V Narendran, Chairman of Tata Steel Long Products Ltd & NINL; CEO & Managing Director, Tata Steel, said, "Given that the site was not in operation for 2 years, we wanted to restart the furnace quickly, deploying and demonstrating Tata Steel'sstrong execution capabilities. We are now focused on ramping up production gradually to rated capacity as per plan. We are grateful to the Central Government, Government of Odisha, NINL Employees, District Administration and local community for their steadfast support.".

Tata Steel has a stated strategy of growing its long-products capacity in India, in line with expected growth in demand driven by infrastructure build, government investment and spend on retail housing. Tata Steel already has category leading brands in its portfolio such as Tata Tiscon, and an extensive, pan-India retail and distribution network. It has announced plans to invest in the NINL site to build a dedicated 4.5 million tons per annum state-of-the-art long products complex over the next few years. Given the close proximity to Tata Steel's existing facility at Kalinganagar, it is able to realise significant synergies in terms of shared infrastructure, resources, and management.

Source : Equity Bulls

Keywords

TataSteelLongProducts NeelachalIspatNigam KalinganagarPlant BlastFurnaceRestart 90Days