The Ministry of Steel has signed Memoranda of Understanding with 55 companies covering 85 specialty steel projects under the third round of the Production-Linked Incentive (PLI) Scheme 1.2. The agreements were executed on February 9, 2026, at Vigyan Bhawan, New Delhi, in the presence of HD Kumaraswamy, Minister of Steel and Heavy Industries, along with senior officials from the Ministry.
Companies participating in this round have collectively committed investments worth ₹11,887 crore and downstream capacity additions of 8.7 million tonnes in specialty and alloy steel production. The signing marks an important step in strengthening domestic value addition and advancing the government’s Make in India objectives within the steel sector.
Addressing the gathering, Sandeep Poundrik, Secretary, Ministry of Steel, underlined that the success of the scheme depends on timely execution, commissioning, and sustained output by participating companies. He reiterated the Ministry’s commitment to providing facilitative support to ensure smooth implementation of approved projects.
The PLI Scheme for Specialty Steel, introduced in July 2021, aims to boost manufacturing capability, attract capital investment, and encourage technology upgradation in downstream steel segments. Under PLI 1.0, committed outcomes include ₹27,106 crore in investments, creation of 14,760 direct jobs, and 7.9 million tonnes of capacity.
PLI 1.1, launched in January 2025, is expected to attract approximately ₹17,000 crore in investment, generate 16,000 jobs, and add 6.4 million tonnes of capacity. Incentive disbursements of ₹236 crore have been made so far. PLI 1.2, launched in November 2025, covers 22 product sub-categories across strategic steel grades, commercial grades, and coated and wire products, offering incentives ranging from 4 to 15 percent over five years starting FY 2025–26.
