Board of Tata Steel approves rights issue and phase II expansion of Kalinganagar Project in Odisha

At meeting held on 19 December 2017

The Board of Tata Steel at its meeting held on 19 December 2017 reviewed the long term strategy of the Company and approved the following -

Following the successful implementation of the Phase I of the Kalinganagar Project in Odisha, the Board has approved the next phase of expansion of capacity in Kalinganagar by 5 million tons per annum from 3 MTPA to 8 MTPA. The total capacity of Tata Steel India operations following the above expansion will be 18 million tons per annum. The project will cost the company Rs 23,500 crore and will be completed within 48 months.

The Board also approved the financial plan to raise capital for the above which will be deployed for de-leveraging the Balance Sheet and general corporate purpose. The Board has approved a rights issue for an amount not exceeding Rs 12800 crore.

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