નાણાંકીય વર્ષ ૨૦૧ in માં ટાટા સ્ટીલ નાણાકીય વર્ષ ૨૦૧ cap માં કેપેક્સ ઘટાડીને રૂ. ,000,૦૦૦ કરોડ કરશે – આર્થિક ટાઇમ્સ

નાણાંકીય વર્ષ ૨૦૧ in માં ટાટા સ્ટીલ નાણાકીય વર્ષ ૨૦૧ cap માં કેપેક્સ ઘટાડીને રૂ. ,000,૦૦૦ કરોડ કરશે – આર્થિક ટાઇમ્સ


Translating…

KOLKATA: Facing headwinds amid a

slowdown in the economy

,

Tata Steel Ltd

on Saturday said it is likely to revise the planned capital expenditure for the 2019-20 fiscal to Rs 8,000 crore from Rs 12,000 crore.

The steel sector is expected to see a pick up in the second half of the year, a top company official said.

“We have given a guidance that the

capex

will be 20-25 per cent lower than the original plan between Europe and

India

(operations)… our original estimate was Rs 12,000 crore for the

Tata Steel Group

… it will now be around Rs 8,000 crore,”

Tata Steel

CEO and MD T V Narendran said.

Of the Rs 12,000 crore, the steel major had initially planned to spend around Rs 8,000 crore on India operations.

“Both sides (India and Europe) will take a cut,” Narendran told reporters here after the launch of the company’s steel retail store — ‘steeljunction’.

He said the capex for India will largely be deployed on its Kalinganagar plant in

Odisha

.

“We do believe that things should improve in the second half of the year,” Narendran said.

“Today the B2C business is about 15 per cent of our revenue. We have set a target that the B2C, services and solutions business should contribute 30 per cent (in the next five years),” he said.

On the South-East Asia business, he said the company has signed an MoU with the Synergy Group, which is “interested in our Thailand assets”.

“We should come to a conclusion in the next two-three months,” Narendran said.

Following the termination of the definitive agreement with the HBIS Group to divest 70 per cent stake in its South- East Asia business, Tata Steel had executed a Memorandum of Understanding to offload the stake in Tata Steel Thailand to Synergy Metals and Mining Fund.

“We have a lot of subsidiaries in Europe and many of them were created over a period of time. At one point of time, we had 200-300 legal entities and subsidiaries of Tata Steel Europe.

“We have reduced them significantly and are paring another 100-120 this year… In India, it is all about bringing operating subsidiaries together,” Narendran said.

Top