KOLKATA: Tata Steel Ltd will look to grow organically, and the steel giant is under no pressure to look at fresh acquisitions during this decade, CEO-MD TV Narendran said.
Narendran said the Jamshedpur-based behemoth will fuel its growth ambitions to more than double its output, relying on organic growth at its existing sites.
Most of our growth in the last few years has been through the inorganic route (acquisitions). Currently, we are in a position where all our growth ambitions can be met through organic growth in our existing sites.
“We don’t really need to acquire any new assets to grow (output) to 40-50 MTPA (million tonnes per annum) from the present level of 20 MTPA We will rely more on organic growth during this decade,” Narendran said.
Tata Steel had reported production of 19.06 MT in the 2021-2022 fiscal. The steel behemoth had acquired Bhushan Steel in 2018, followed by Usha Martin in 2019. It is also on course to complete the acquisition of Neelachal Ispat Nigam by the end of the April-June quarter. On the expansion plans, he said the NINL output will be ramped up to 10 MTPA from 1 MTPA, while the Kalinganagar plant will see an expansion to 8 MTPA from 3 MTPA, and later to 16 MTPA.
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