Tata Steel news: Tata Steel has extended its search for governmental backing to the shores of the Netherlands. This strategic move comes in the wake of successfully locking down significant funding in the United Kingdom. The company’s top executive, TV Narendran, revealed plans to approach the Dutch government.
Updated Nov 6, 2023 | 07:05 AM IST
After receiving UK government’s financial backing, Tata Steel is looking for Dutch aid for green transition (Pic: Tata steel’s website)
Tata Steel news: Tata Steel has extended its search for governmental backing to the shores of the Netherlands. This strategic move comes in the wake of successfully locking down significant funding in the United Kingdom. The separation of this Tata Group subsidiary’s UK and Dutch businesses last October marked the beginning of a new, more autonomous phase for the steel conglomerate’s European operations, PTI reported.
Tata Steel CEO TV Narendran reveals plans
The company’s top executive, TV Narendran, revealed plans to approach the Dutch government. “In Netherlands, we will shortly be submitting the detailed decarbonisation proposal to the Dutch government seeking regulatory and financial support,” he said according to the PTI report said.
There has been intensive engagement between the company and Dutch government. The detailed decarbonisation proposal will shortly be submitted to Government of Netherlands seeking regulatory and financial support which is critical for the company’s Dutch operations.
Tata Steel’s underlying objective for this project is to manufacture carbon-neutral steel by 2050 across Europe. Though specifics of the proposed initiatives are not yet public, the submission to the Dutch government will hurry along the negotiations on the project’s terms.
Tata Steel’s board will review this environmentally pivotal project for a green light at the opportune moment.
UK Government Backing Tata Steel
In the backdrop of this new proposal is Tata Steel’s recent financial accord with the British government. A joint investment of 1.25 billion pounds targets decarbonisation efforts at the Port Talbot facility in Britain. The plan includes installing state-of-the-art, eco-friendlier machinery. Of this investment, the UK pledges up to 500 million pounds.
Headquartered in India, Tata Steel operates the UK’s largest steelworks in South Wales at Port Talbot, with a 5 million tonne annual capacity. This sector supports around 8,000 local jobs, emphasising the company’s economic footprint in the region.
