Tata Steel has spent less than half of its planned capex for the ongoing 2022-2023 fiscal year, said TV CEO Narendran.

The company has planned a capex of Rs 12,000 crore for this year, of which around Rs 8,500 crore is for India and the remainder for Europe.

“We have spent a little less than 50 percent (of planned capex) until now,” Narendran told PTI in response to a question regarding capex plans for FY23.

For the September quarter, Tata Steel reported a 90 per cent decline in consolidated net profit to Rs 1,297 crore compared to Rs 12,547.70 crore in the year-ago period.

In India, Tata Steel acquired Odisha-based steelmaker Neelachal Ispat Nigam Ltd (NINL) for Rs 12,000 crore in a bidding process in July.

In the UK, the company is seeking 1.5 billion pounds from the UK government to implement its decarbonization plan.

Tata Steel has the UK’s largest steelworks at Port Talbot in South Wales and employs around 8,000 people across its operations in the country.

Narendran also said Tata Steel’s future actions with respect to its UK business would be based on the UK government’s response to the company’s proposal seeking financial support to maintain the business.

To questions about the consolidation process at Tata Steel, the CEO said it would continue.

In September, Tata Steel’s board approved the merger of seven of its subsidiaries — Tata Steel Long Products, Tata Metallics, The Tinplate Company of India, TRF Limited, Indian Steel & Wire Products, Tata Steel Mining, and S&T Mining — into itself.

“The company will continue the process,” he said.

(Only the headers and images of this report may have been reworked by Business Standard staff; the rest of the content was generated automatically from syndicated feeds.)




Source link