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We see great opportunity to grow in India: Tata Steel

Press Trust of India  |  Kolkata 

today said it sees great growth opportunity in -- both organic and inorganic.

"We see great opportunity to grow in and we have said we want to grow in We are well positioned because we have organic and inorganic opportunities to grow," Tata Steel Global T V Narendran said.

Narendran was speaking to reporters on the sidelines of Kolkata Literary Meet 2018 which began today.

"Inorganic opportunities come in a while and we need to pursue them. Let us see what happens. It is a great opportunity for anyone in the who has the appetite and ambition to grow in India," he said while speaking about bidding for some stressed steel assets facing proceedings under Bankruptcy and Insolvency Code.

has bid for companies like Bhushan Steel, and

Narendran said the company's Kalinganagar project in Odisha has shaped up well and it is in full production. It is also the right time to plan for the second phase which is already approved by the board.

The Tata Steel board has approved the next phase of capacity expansion in Kalinganagar to 8 million tonnes per annum from 3 million tonnes at present.

The project will cost the company Rs 23,500 crore and will be completed within 48 months.

The board has also approved a rights issue for an amount up to Rs 12,800 crore.

The total capacity of Tata Steel India operations is 13 million tonnes per annum at present.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 22 2018. 20:51 IST