Tata Steel today said that it will become a 10-million-tonne steel company by the end of March 2011 as the expansion of its production facility at Jamshedpur is in full swing.
Meanwhile, the company has set a target of saving nearly Rs 2,000 crore in the current financial year by cutting cost in its Indian operations through adopting efficient working practices, increasing output and doing aggressive sales and marketing.
Steel giant Tata Steel is working to enhance production capacity to 10 million tonnes per annum (MTPA) at Jamshedpur at an estimated investment of Rs 12,000 crore by January-March 2010-11. At present, the plant has a capacity to produce 6.8 million tonnes of steel annually.
"The Jamehedpur expansion project is fully on and is on time," Tata Steel Managing Director B Muthuraman told reporters on the sidelines of the Assocham Steel Summit here.
In addition to the existing plant, the company has also proposed setting up mega steel plants in Jharkhand, Orissa and Chhattisgarh. The company says it wants the site condition to improve and iron ore blocks allocated quickly.
"We want to do the Orissa project quickly... As the site condition improves and we get iron ore blocks. The same for Chhattisgarh," he said.
