Sep 19, 2022
Indian government gets applications from 75 steel firms for inclusion in PLI Scheme

The Indian government has received 75 applications, from almost all major steel companies, seeking to be eligible for fiscal benefits under the Production Linked Incentive (PLI) Scheme for creating new specialty steel capacities in the country, government sources said on Monday, September 19.

The sources said that the 75 applicants include Jindal Steel and Power Limited, JSW Steel Limited, ArcelorMittal Nippon Steel Limited, Steel Authority of India Limited (SAIL) and Tata Steel.

They said that no application was received from any foreign steel company and that the government would announce the final list of eligible beneficiaries within the next 30-40 days.

September 15 had been fixed as the last date for submission of applications.

Under the PLI Scheme, announced by the government in June 2021, a fund of $800 million had been created to be disbursed as incentives to steel companies linked to their creating incremental speciality steel production capacities.

Disbursals of fiscal incentives to each company based on their creation of additional speciality steel production capacities would start from fiscal year 2024-25 onwards for a period of five years.

Source: Steel Orbis