BMW Industries Inks MoU with Ministry of Steel Under PLI Scheme, to Produce Coated Steel at Bokaro Facility

BMW Industries Ltd (BMWIL) has inked a Memorandum of Understanding (MoU) with the Ministry of Steel under the Production Linked Incentive (PLI) Scheme of the Indian government for increasing domestic specialty steel production. Under this program, BMWIL will install a downstream steel complex in its Bokaro facility, Jharkhand. The plant will be engaged in the production of plated and coated steel items such as 300,000 tonnes Cold Rolled Full Hard Coil/Sheet, 540,000 tonnes Galvanized Coil/Sheet, and 200,000 tonnes of Color Coated Coils/Sheets per annum. The ₹803.47 crore project will be financed by internal accruals as well as external debt. The company has already received environmental clearances and intends to commission the plant in phases wherein the first unit will become operational by FY2026. This alliance emphasizes BMWIL's focus on building India's steel manufacturing strength and helping the nation achieve its vision of lowering import dependence.

 

Source: Press Information Bureau (pib.gov.in), Equity Bulls, Construction World