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Ministry of Steel

  • 10 Feb 2026

On 9th February 2026, the Ministry of Steel signed MoUs for 85 projects involving 55 companies under the Production-Linked Incentive (PLI) Scheme 1.2 (third round) for specialty steel at Vigyan Bhawan, New Delhi.

  • The MoUs were signed in the presence of Union Minister of Steel and Heavy Industries H.D. Kumaraswamy and senior ministry officials.
  • Participating companies have committed investments worth ₹11,887 crore, with a combined production capacity of 8.7 million tonnes in downstream steel and alloy manufacturing.
  • The initiative aims to strengthen domestic manufacturing, reduce import dependence, conserve foreign exchange and position India as a global supplier of high-value specialty steel.
  • The PLI Scheme for Specialty Steel was launched in July 2021 to promote capital investment, technology upgradation and growth in the downstream steel sector.
  • Under PLI 1.0, committed outcomes include ₹27,106 crore in investments, 14,760 direct jobs and 7.9 million tonnes of additional production capacity.
  • PLI 1.1, launched in January 2025, is expected to attract ₹17,000 crore in investments, create around 16,000 jobs and add 6.4 million tonnes of capacity.