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MUMBAI: Tata Sponge IronNSE -0.63 % may invest around Rs 3,000 crore to set up a steel manufacturing facility, a person with knowledge of its plans said. “The project is under active consideration,” said the person, speaking on the condition of anonymity. The Tata SteelNSE -1.06 % subsidiary had announced last year that it would set up a 1.5 million tonne steel plant at Joda in ironore rich Odisha. The state also houses its current facility. “Considering the future growth potential of the steel industry, the company has applied to the ministry of environment, forests and climate change for permission to set up a 1.38 million metric tonne steel plant in phases at Joda,” the company had said in its annual note to shareholders for the year.T he company is looking to set up a blast furnace and expects the integrated steel plant to be ready in the next four years. Even though it will be sourcing iron ore from parent Tata Steel, Tata Sponge is on the lookout for acquiring iron ore and coal mines as and when these are auctioned by the government, the note added. “As a progressive company, Tata Sponge has been evaluating various avenues of growth aligned to the group objectives,” the company said in an emailed response to ET’s questions, declining to offer further comments. Tata Sponge Iron reported a net profit of Rs 141 crore on revenue of Rs 816 crore in fiscal 2017. For the first quarter of the current fiscal year, it reported 49% year-on-year growth in profit at Rs 46 crore. www.economictimes.indiatimes.com
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