35 firms submit applications under PLI scheme for specialty Steel: Scindia

PTI, Sep 20, 2022, 6:02 PM IST

As many as 35 companies have submitted 79 applications under the PLI scheme for specialty steel, Union Minister of Steel Jyotiraditya Scindia said on Tuesday.

The minister shared the information while speaking at the ‘National Management Convention’ organised by the All India Management Association (AIMA) in the national capital.

”We closed all the applications two days ago and we received close to 79 applications from 35 companies. Looking at putting in place a capacity close to 28 million tonne per annum (MTPA) of new specialty steel capacity which will result in the creation of 70,000 jobs,” he said.

The applicants include major steel players like Tata Steel, JSW Steel, JSPL, AMNS India and SAIL, a senior steel ministry official told PTI. However, there was no proposal from any foreign entity.

After shortlisting the proposals, the government will come out with a final list which would take around 35-40 days, the official said.

September 15 was the last date for manufacturers to apply to avail the benefits under the PLI (Production-Linked Incentive) scheme for speciality steel. Earlier, the deadline was March 29.

The deadline was extended multiple times post discussion with the stakeholders who had raised certain concerns over the scheme.

The scheme covered five categories of speciality steel — coated/plated steel products, high strength/wear-resistant steel, speciality rails, alloy steel products, steel wires and electrical steel.

The Union Cabinet in July last year approved a Rs 6,322-crore PLI scheme to boost production of speciality steel in India. The move is expected to attract an additional investment of about Rs 40,000 crore and generate 5.25 lakh job opportunities.