SAIL to invest Rs 6,500 core towards capex in FY'25: Chairman Amarendu Prakash

SAIL will be investing Rs 6,500 crore towards capex during the current financial year as part of its Rs 1 lakh crore investment plan over the next few years, its Chairman Amarendu Prakash said on Friday
SAIL to invest Rs 6,500 core towards capex in FY'25: Chairman Amarendu Prakash
SAIL to invest Rs 6,500 core towards capex in FY'25: Chairman Amarendu PrakashSAIL Chairman Amarendu Prakash (File Photo)

New Delhi: Steel Authority of India Limited (SAIL) will be investing Rs 6,500 crore towards capex during the current financial year as part of its Rs 1 lakh crore investment plan over the next few years, SAIL Chairman Amarendu Prakash said on Friday.

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Speaking to mediapersons on the sidelines of a programme organised by Indian Steel Association here, Prakash said the steel industry approached the government seeking measures to control the dumping of cheap metal by China into India and hoped that steps will be taken to address the menace.

"This year, the capex target is Rs 6,500 crore. We also have regular capex on maintaining our facilities, as well as debottlenecking exercises. Most of the capex expansion (Rs 1 lakh crore by 2030) will start flowing from FY'26.

In the first phase from (the capacity) 20 million tonnes, we go to 35 million tons tonnes per annum by 2031. In the next phase, we will make it 50 million tonnes," the SAIL CMD told reporters.

In the past, SAIL management had informed investors about a planned Rs 1 lakh crore investment across its plants for greenfield and brownfield expansions over the next 3-4 years, while aiming to maintain a debt-equity ratio of 1:1.

On the steel outlook, he said the world is growing at 0.5 percent while India grew at 13 percent last year and will continue to grow at 8 percent CAGR in the next 10 years.

SAIL to invest Rs 6,500 core towards capex in FY'25: Chairman Amarendu Prakash
SAIL to invest Rs 6,500 core towards capex in FY'25: Chairman Amarendu Prakash

On import of cheap steel from China, he said around the world countries have taken different steps such as increasing import tax and India is also expected to take calibrated steps.

"There are various ways in which trade measures are handled. So it is not just one single figure in percentage. We need to see the quality of steel which is coming to India, the prices at which the steel is coming to India," the official said.

According to reports, last year India extended the imposition of an anti-dumping duty on certain Chinese steel for another five years.

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