Steelmaker AMNS India is planning to manufacture speciality stell under the PLI Scheme, its Chief Marketing Officer (CMO) Ranjan Dhar has said.
The Rs 6,322-crore production-linked incentive (PLI) scheme was notified by the government on October 22, 2021. The scheme aims to boost the production of speciality steel in India, attracting fresh investments of about Rs 40,000 crore and generating 5.25 lakh new job opportunities.
The five categories of speciality steel that are included in the PLI scheme are coated/plated steel products, high strength/wear-resistant steel, speciality rails, alloy steel products, steel wires and electrical steel. These grades are being imported for domestic use.
"Yes, we have planned our capacity expansion programme. PLI scheme surely gives a boost and direction to it," he told PTI, replying to a question whether his company is looking to avail the benefits being offered by the government under the scheme.
With the production of these categories of steel that require special technology, the company is looking to capture segments applications in solar, high-end automotive, critical high strength applications like API etc, he said.
On the technology arrangements to produce such special grades of steel, he said the company's new investments are coming loaded with the expertise of parent companies. "There is hardly any technology or product which our parents ArcelorMittal & Nippon Steel don't have. AMNS has a natural advantage in this aspect".
The CMO also said that AMNS India has already stated its vision to expand capacity in India in stages from 14 million tonnes (MT) to 18 MT and 30 MT.
"We are not looking at the PLI scheme for the purpose of our position as a steelmaker, but more importantly, to the direction our Capex for the use of our customers in India so that the import dependency is reduced.
"We export more value-added products as a nation. Simply put, we are looking at the PLI scheme to cater to the needs of India for its growth towards a USD 5 trillion economy and beyond," he added.
Source:economictimes.com