India has signed 42 agreements with 25 companies for the production of high-end steel under the second round of the Production-Linked Incentive (PLI) Scheme for specialty steel, with an estimated investment of nearly USD 2 bln, according to an official statement.
In January, Union Minister of Steel and Heavy Industries H.D. Kumaraswamy launched the second phase of the initiative, known as PLI Scheme 1.1. Under the program, companies signed Memorandums of Understanding (MoUs) with the Ministry of Steel to manufacture five types of high-grade steel domestically.
The first round of the scheme received 44 applications from 23 companies, with incentives already granted for one project. Kumaraswamy emphasized the need for domestic production of specialty steel, urging steelmakers to invest in manufacturing plants. PLI Scheme 1.1 covers five product categories, aligning with the existing framework: coated/plated steel products, high-strength/wear-resistant steel, specialty rails, alloy steel products & steel wires, and electrical steel.