Steel ministry signs MoUs with 55 cos for 85 speciality projects under PLI
This story was originally published at 08:46 IST on 10 February 2026
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MUMBAI – The Ministry of Steel has signed memoranda of understanding for 85 projects involving 55 companies under the production-linked incentive scheme 1.2 for speciality steel, the ministry said in a release Monday. The companies participating in this round have committed an investment of INR 118.87 billion and a committed capacity of 8.7 million tonnes in downstream steel and alloy making, the release said. The launch of PLI 1.2 marks a significant milestone towards achieving the government's vision of 'Make in India', it said.
The PLI scheme for speciality steel was launched in July 2021 to promote manufacturing, attract capital investment and support technology upgrade in the downstream segment of the steel sector. PLI 1.2 was launched on Nov. 4, 2025, covering 22 product sub-categories under four product categories. The scheme offers incentive rates of 4–15% for a period of five years, commencing from 2025–26 (Apr-Mar), with incentive disbursement starting from FY27.
Minister of Steel and Heavy Industries H.D. Kumaraswamy and officials from the ministry said the scheme is a key reform aimed at strengthening domestic manufacturing and enhancing global competitiveness. "...though India has already made notable strides in speciality and alloy steel manufacturing, with these new investments, India will further deepen its capabilities, reduce import dependence, conserve foreign exchange, and emerge as a reliable supplier of high-value steel to the world," Kumaraswamy said. End
Reported by Reshma Ravi
Edited by Avishek Dutta
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