Tata Steel spent less than half of the Capex planned for the FY23
According to the CEO of Tata Steel, T V Narendran states that the company has spent less than half of the Capex planned for the ongoing fiscal year 2022-23. Tata Steel had planned Rs 12,000 crore of Capex for the year where Rs 8,500 crore was for India and the balance for Europe.
Tata Steel has spent a little less than half of the planned capital expenditures for FY23 so far, according to Narendran, who was speaking to PTI in response to a question on the plan.
When compared to the same period last year, the company’s overall net profit fell by 90%, to Rs 1,297 crore, from Rs 12,547.70 crore.
In July, the company held a bidding procedure to acquire Neelachal Ispat Nigam Ltd, an Odisha-based steel manufacturer, for Rs 12,000 crore.
The company is asking the UK government for 1.5 billion pounds to carry out its decarbonization goals. The corporation, which employs about 8,000 people nationwide across all of its operations, operates the largest steelworks in the UK, located at Port Talbot in South Wales.
The CEO of Tata Steel also said that the company’s future plans for its UK operations will depend on how the British government responds to the company’s request for financial support to maintain operations.
A union of Tata Steel Long Products, Tata Metaliks, The Tinplate Company of India, TRF Limited, Indian Steel and Wire Products, Tata Steel Mining, and S and T Mining into Tata Steel was approved by the board of Tata Steel in September.