Ranchi: Tata Steel Ltd, the country's largest private steel maker, will sign a pact on Thursday with the Jharkhand government that entails an investment of Rs53,000 crore in the state.
Through the venture, the company intends to increase its steel-making capacity to 17 million tonnes (MTs) and give an impetus to the speedy development of the state's skilled technical manpower.
The company's move comes over a fortnight after the state government renewed its lease of nearly 10,000 acres of land in Jamshedpur on August 20. Due to political and legal wrangles, the lease was awaiting renewal since January 1, 1996.
Four MoUs are slated to signed between Tata Steel CMD B. Muthuraman and chief secretary P.P. Sharma in the presence of Tata Sons chairman Ratan Tata and CM Arjun Munda here on Thursday.
As per the MoUs, Tata Steel will set up a 12 million capacity integrated steel plant besides expanding the capacity of its Jamshedpur plant from 5 to 10 MTs per annum.