In an interview, Tata Steel Global CEO and managing director T N Narendran said to PTI this week, that increase in infrastructure investment will boost the steel industry.
He hopes there is an increase in the upcoming budget allocation as it would bring demand for steel which one of the primary requirements in construction.
"If the government invests more and more in infrastructure or intends to do so, it is good for the industry," he said when asked about the forthcoming budget.
Tata Steel is going to expand the Kalinganager integrated steel project to eight million tonnes from the three million tonnes now at an investment of ₹ 23,500 crores as it is optimistic about the government's push in infrastructure. The project is expected to take 48 months.
A rights issue for an amount not exceeding ₹12,800 crore has been approved by the board. The total capacity of Tata Steel India operations following the above expansion will be 18 million tonnes per annum.