India's leading steel producer, Tata Steel Limited, has announced a capital expenditure (capex) of approximately $2.04 billion for the current fiscal year 2024-25. CEO T. V. Narendran revealed that 75 percent of this investment will be directed towards domestic projects, focusing on expanding operations within India. Of the total capex, the focus will be on India, mainly on expanding the company's Kalinganagar steel mill in Odisha, relining some blast furnaces, expanding the raw material division, and covering sustaining expenses. Narendran emphasized that this capex will be value-accretive for the company.

Part of the capex will be directed towards Tata Steel's new electric arc furnace-based mill in Ludhiana, Punjab. The company's CEO expressed confidence in the growth potential of the Indian steel market, stating, "Steel consumption in India is growing at around 10 percent and we expect that to continue for some years to come." This optimistic outlook underscores Tata Steel's commitment to expanding its domestic operations to meet the increasing demand for steel in the country.