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Metal and mining PSUs SAIL, NMDC and RINL plan to invest Rs 15,069 crore this fiscal towards modernisation and expansion, Rs 700 crore less than the actual outlay for the last financial year, the government said today.
According to the "broad plan" prepared by the respective firms, Steel Authority of India (SAIL) will spend Rs 9,000 crore in current fiscal, followed by iron ore miner NMDC Rs 4,345 crore and Rashtriya Ispat Nigam (RINL) Rs 1,724.17 crore.
The three firms, under the Steel Ministry, had spent Rs 15,769 crore towards modernisation and expansions in 2013-14, Budget documents showed.
In 2014-15, SAIL plans to spend Rs 3,300 crore on its Bhilai Steel Plant, as part of its ongoing Rs 72,000 crore modernisation and expansion programme to take its capacity to 24 million tonnes per annum (mtpa) from 14 mtpa now.
The company also plans to invest Rs 2,234 crore in its Rourkela Steel Plant, Rs 1,280 crore in IISCO plant, Rs 800 crore in Durgapur plant and Rs 860 crore in the Bokaro plant among others.
Meanwhile, close to achieving the 24 mtpa capacity, SAIL has recently unveiled plans to take it to 50 mtpa by 2025 entailing another Rs 1.5 lakh crore investment.
The proposed expansion to 50 mtpa is in line with the Government's vision of enhancing country's steel - making capacity to 300 mtpa by 2025-30, from around 100 mtpa now.
Managanese ore producer MOIL Ltd plans Rs 192 crore investment in the current fiscal. Overall, PSUs under the steel ministry are planning to invest Rs 15,393 crore in current fiscal.
