India’s Ministry of Steel signed Memoranda of Understanding (MoUs) with 55 companies for 85 projects under the third round of the Production Linked Incentive (PLI) Scheme 1.2.

These firms promised to add 8.7 million tons of capacity, which could reduce India’s reliance on imports for strategic, electrical, and high-end steel grades. The program offers incentives between 4% and 15% over five years starting in 2025-26.

Minister for Heavy Industries and Steel H. D. Kumaraswamy said that these new projects build on the Rs 43,874 crore already invested in previous rounds. This latest stage focuses on 22 product sub-categories, deepening the domestic specialty steel ecosystem. By incentivizing local production, the government aims to save foreign exchange and establish the country as a reliable global supplier in the advanced steel value chain.