Steel Ministry Signs MoUs for 85 Projects Under PLI 1.2 with Rs 11,887 Cr Investment

The Ministry of Steel has signed Memorandums of Understanding for 85 projects involving 55 companies under the third round of the Production-Linked Incentive Scheme 1.2 for specialty steel. Participating firms have committed an investment of Rs 11,887 crore and creation of 8.7 million tonnes of downstream steel and alloy capacity, marking a major step toward the Make in India vision.

Union Steel Minister H D Kumaraswamy said the PLI scheme is a key reform aimed at strengthening domestic manufacturing and global competitiveness. He noted that the new investments would deepen India’s specialty steel capabilities, reduce import dependence, conserve foreign exchange and position the country as a reliable global supplier of high-value steel. Steel Secretary Sandeep Poundrik stressed that timely investment and commissioning are crucial and assured full government support to participating companies.

The PLI scheme for specialty steel was launched in July 2021 to attract capital investment and technology upgradation in the downstream segment. Under PLI 1.0, committed outcomes include Rs 27,106 crore investment, 14,760 direct jobs and 7.9 million tonnes capacity. PLI 1.1, introduced in January 2025, is expected to bring Rs 17,000 crore investment, 16,000 jobs and 6.4 million tonnes capacity. So far, incentives of Rs 236 crore have been disbursed under the scheme.