Tata Steel to spend Rs 70,000 crore on capital expenditure in next 10 years

Tata Steel is one of the largest steel companies in India and the company has now said that they have earmarked a capital expenditure (capex) of Rs 70,000 crore over the next 10 years.

These plans were announced by the company Chairman Ratan Tata.

He said in a statement to the company’s shareholders: “The Company has earmarked a capex of Rs 70,000 crore over the next 10 years. For the next two years, we will be spending about Rs 500 crore; this would be the normal capex.”

The company also announced a dividend of 130 per cent and said that they aim to raise about Rs 6,500 crore through a preferential issue over the next two years.

Tata further added: “We will be raising around Rs 6,500 crore and Tata sons will be putting 10 per cent. This fund is necessary for expansion in Jamshedpur, acquisitions at right time and also to meet the requirements of three Greenfield project-in Orissa, Chhattisgarh and Jharkhand.”