The Ministry of Steel has signed Memoranda of Understanding (MoUs) with 55 companies for 85 specialty steel projects under the third round of the Production-Linked Incentive (PLI) Scheme 1.2, marking a major step towards strengthening India’s domestic specialty steel ecosystem.
Feb 10, 2026
The Ministry of Steel signed Memorandum of Understanding (MoUs) for 85 projects of 55 companies under the Production-Linked Incentive (PLI) Scheme 1.2
The MoUs were signed on February 9, 2026, at Vigyan Bhawan, New Delhi, in the presence of Shri H.D. Kumaraswamy, Union Minister of Steel and Heavy Industries, and senior officials from the Ministry of Steel. Participating companies have committed an investment of INR 11,887 crore, with a planned downstream steel and alloy capacity addition of 8.7 million tonnes.
Addressing the gathering, Shri H.D. Kumaraswamy stated that the PLI Scheme is a key reform initiative aimed at boosting domestic manufacturing and enhancing India’s global competitiveness. He noted that the new investments would deepen India’s specialty and alloy steel capabilities, reduce import dependence, conserve foreign exchange, and position India as a reliable global supplier of high-value steel.
Shri Sandeep Poundrik, Secretary, Ministry of Steel, highlighted that the success of the scheme hinges on timely investment, commissioning, and sustained production, assuring full government support to participating companies.
Also Read: Avtar Steel Receives MoU Under PLI Scheme 1.2 for Specialty Steel
PLI 1.2, launched on November 4, 2025, covers 22 product sub-categories across strategic, commercial, coated, and wire products, offering incentives ranging from 4% to 15% over five years starting FY 2025–26.
