The board of directors of Indian steel producer Tata Steel has approved a series of decisions regarding future capital expenditures in the country, according to reports.

It intends to increase the capacity of Neelachal Ispat Nigam Ltd. (NINL) in Odisha by 4.8 million tons annually (initial phase). This step will enable Tata Steel to expand its long-rolled product range, particularly in the lucrative retail sector.

Moreover, the finances required for design and engineering tasks to establish a 2.5 million tonne annually thin slab casting and rolling facility at the Tata Steel Meramandali steel plant in Odisha have been sanctioned, alongside the procedure for acquiring all essential regulatory approvals.

The firm plans to set up a hot-rolled pickling and galvanizing line with an annual capacity of 0.7 million tons at its current cold rolling facility in Maharashtra.

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“The company states that this will be the first facility of its nature in India, allowing Tata Steel to fulfill the import substitution requirements of its automotive clients and enhance its leadership role in this market.”

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The steel producer announced that it has entered into a memorandum of understanding with Lloyd Metals & Energy Ltd for a collaboration in iron ore mining and logistics, which encompasses slurry pipelines, pellet manufacturing, and steel production. The parties will collaboratively investigate these opportunities in the Gadchiroli region (Maharashtra).

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It is worth noting that Tata Steel aims to convert its facility in Kalinganagar (Odisha) into its biggest production site, with a steel output capacity exceeding 16 million tons annually. The firm has presently invested 50 billion rupees in the business. This has turned into the biggest organic increase in capacity in the steel producer's history (from 3 to 8 million tons). The key event was the launch of India’s largest blast furnace.