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Tata Partners with Shell for c Infra

The two companies are also exploring introducing convenient payment systems and loyalty programmes to facilitate charging for electric vehicles….reports Asian Lite News

Tata Passenger Electric Mobility Ltd (TPEM) said on Thursday that it has signed a non-binding Memorandum of Understanding with Shell India Markets Private Limited (SIMPL) to collaborate in setting up public charging stations across India.

“The collaboration will leverage Shell’s fuel station network and TPEM’s insights from over 1.4 lakh Tata EVs on Indian roads to set up chargers at locations frequently visited by Tata EV owners. Additionally, both companies will work towards delivering superior charging experiences,” according to a TPEM statement.

The two companies are also exploring introducing convenient payment systems and loyalty programmes to facilitate charging for electric vehicles.

Commenting on the partnership, Balaje Rajan, Chief Strategy Officer, Tata Passenger Electric Mobility Ltd and Tata Motors Passenger Vehicles Ltd, said: “Through this partnership, we aim to grow the existing charging infrastructure, which is crucial for mainstream adoption of EVs in the country, particularly as the customer base continues to expand. This strategic alliance will help in driving up the EV adoption in the country.”

Sanjay Varkey, Director, Shell India Markets Private Limited, said, “Shell is committed to offering integrated solutions that prioritise convenience, safety, and sustainability in charging EVs. Our ultra-fast and reliable chargers ensure that our customers enjoy a sustainable, hassle-free and efficient charging experience.

Driven by rising consumer interest, government initiatives and infrastructure development, India’s EV sales nearly doubled in 2023 and are likely to grow 66 per cent this year, a report showed on Friday.

Overall, India’s passenger vehicle (PV) sales grew 10 per cent (year-on-year) to surpass 4 million units, its EV sales nearly doubled, rising 97 per cent YoY to account for 2 per cent of the overall PV sales.

By 2030, EVs are expected to represent nearly one-third of India’s PV market, signaling a robust long-term growth trajectory in the country’s automotive sector, according to Counterpoint Research.

“As the infrastructure and consumer traction develops, we will see the entry of newer players such as Tesla and fast-growing Chinese brands like Xiaomi, which will catalyse innovation and competition in the world’s fourth-largest PV market,” said Research Vice President, Neil Shah.

“We will see players in the broader value chain prioritising India’s market not only to target domestic consumption but also for technology R&D and export opportunities,” he added.

With a strong portfolio and strategic tie-up with Uber, Tata Motors held more than two-thirds of the country’s EV market last year. However, it lost a significant share to Mahindra & Mahindra and BYD.

Recording a 2,476 per cent increase with just one model in its portfolio, Mahindra & Mahindra was the fastest-growing brand in 2023, followed by BYD and MG Motor, said the report.

“EV sales in India are expected to increase by 66 per cent in 2024 to constitute 4 per cent of total PV sales,” the report mentioned.

Maruti Suzuki’s entry into the EV market is expected to shake up Tata’s dominance.

“Moreover, VinFast’s move to build a factory in India’s Tamil Nadu state highlights the growing interest and investment in EV manufacturing in the country,” the report noted.

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Business Economy India News

Tata Eyes Pegatron’s iPhone Plant

Pegatron’s India plant has nearly 10,000 employees, and the company manufactures iPhone 13 and 14 devices…reports Asian Lite News

Tata Group, which acquired Taiwanese electronics manufacturer Wistron’s India operations for $125 million in October last year, is now reportedly eyeing to acquire Pegatron’s iPhone manufacturing facility near Chennai, as Apple ramps up its presence in the country.

According to a Reuters report, citing sources, the Tata Group may hold a 65 per cent stake in a “joint venture” to operate the Pegatron plant, for which talks are in an “advanced stage”.

The company plans to operate the JV via its Tata Electronics unit, the report claimed.

Pegatron’s India plant has nearly 10,000 employees, and the company manufactures iPhone 13 and 14 devices.

Pegatron, Tata Group, or Apple did not immediately comment on the report.

Reports surfaced in December last year that the Tata Group is planning to build one of India’s largest iPhone assembly plants in Tamil Nadu’s Hosur. The facility is expected to feature around 20 assembly lines and employ 50,000 workers within two years. It is expected to be operational within 12 to 18 months.

Tata now operates the iPhone manufacturing plant in Karnataka, which it has purchased from Wistron.

Apple is aiming to manufacture more than 50 million iPhones in India per year, as it aims to shift some of the production out from China.

Tata.

A slew of initiatives by the government have fuelled the growth of manufacturing facilities, with its Production Linked Incentive (PLI) scheme for smartphone production, allowing Indian companies to compete with global electronics makers based in China. According to industry experts, India stands out as a potential hub for production amid escalating US-China tensions, owing to its substantial internal market and skilled labour force.

The Apple ecosystem employed over 150,000 people directly since the production-linked incentive (PLI) scheme was approved in 2021, making it the country’s largest blue-collar job creator, Minister of State for Electronics and IT, Rajeev Chandrasekhar, said on Monday.

About 3 lakh people have been employed indirectly, with a total of over 4 lakh new jobs, owing to Prime Minister Narendra Modi’s PLI policies which have been transformative, said the minister who is an NDA candidate from Thiruvananthapuram Lok Sabha seat.

“iPhone factories are set to hire more than 10,000 people directly in the peak June-September period,” he posted on X.

The FY24 production of iPhones exceeded Rs 1 lakh crore in February, with 70 per cent exports and a total market value of Rs 1.6 lakh crore.

“iOS app development now supports more than 1 million jobs. Apple has launched an education initiative on women’s health as part of its $50-million Supplier Employee Development Fund,” the Union Minister informed.

Apple’s revenue in India hit nearly Rs 50,000 crore in FY23, with sales increasing 48 per cent to Rs 49,321 crore and net profit rising 76 per cent to Rs 2,229 crore — fastest growth of net profit for Apple in India in the last five years.

India is close to achieving the target of Rs 20 lakh crore worth of mobile phone production in the last 10 years while crossing Rs 1.20 lakh crore worth phone exports in the current fiscal year (FY24) — a whopping 7,500 per cent increase in exports over a decade — top electronics industry body India Cellular and Electronics Association (ICEA) said last month.

Driven by this export growth, mobile phones have now become India’s fifth largest export as an individual commodity.

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Business UK News

Tata Steel to shut coke ovens unit in Wales

The command of an entire unit of Tata Steel Plant will be handed over to the hands of women officers and personnel.

Tata Steel UK will increase imports of coke to offset the impact of the coke oven closures, the company said…reports Asian Lite News

Tata Steel on March 18 informed the bourses that its UK unit has decided to cease operations of the coke ovens at the Port Talbot plant in Wales, following a deterioration of operational stability. Tata Steel had previously stated that many of its heavy-end assets in Port Talbot are at their end-of-life capability.

Tata Steel UK will increase imports of coke to offset the impact of the coke oven closures, the company said.

Earlier this year, Tata Steel said that it is currently losing around 1 million pounds a day from its operations in the town and keeping a blast furnace open on the site and making steel from scratch would lead to a further loss of 600 million pounds.

The steelmaker is currently at an advanced stage of consultations with trade unions in the UK on its proposal for the planned restructuring involving the closure of the iron and steelmaking assets at Port Talbot, and subsequent transition to sustainable low-CO2 steelmaking involving a £1.25 billion investment in Electric Arc Furnace technology in Port Talbot and asset upgrades.

However, the installation of the low-emission system could lead to a loss of 2,800 jobs as electric furnaces need less manpower.

On January 19, Tata Steel said it will be shutting down the two blast furnaces in its Port Talbot Steelworks in Wales, UK in phases, a move that may affect up to 2,800 jobs even as the steel major starts talks to transform and restructure its loss-making UK business in line with its green goals.

The company said it will “commence statutory consultation as part of its plan to transform and restructure its UK business. This plan is intended to reverse more than a decade of losses and transition from the legacy blast furnaces to a more sustainable, green steel business.”

“Port Talbot’s two high-emission blast furnaces and coke ovens would close in a phased manner with the first blast furnace closing around mid-2024 and the remaining heavy end assets would wind down during the second half of 2024,” Tata Steel had said.

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Tata Motors starts work on gigafactory in UK

Tata Motors

On Electric Vehicle (EV) sales, he said the volumes have been increasing sequentially…reports Asian Lite News

Tata Motors has said it has started working on its gigafactory in Somerset in the UK, and the financial closure for the project is underway.

At the post-earnings concall, Tata Motors Group Chief Financial Officer P B Balaji said the company has seen some impact of the Red Sea crisis but “it is manageable at this point of time”.

Earlier in the day, Tata Motors posted a 133.2 per cent growth in net profit at Rs 7,100 crore in the December quarter, while the consolidated revenue rose 25 per cent year-on-year at Rs 1,10,600 crore.

“The site has been procured and we have already started the land-levelling work in that space,” Balaji said. Tata Motors had last year in July announced plans to set up a global battery cell gigafactory in the UK at an investment of over 4 billion pounds to help power the automotive sector’s transition to electric mobility.

“We are quite well advanced in terms of executing the plans on the ground there. Accordingly, financial closure for the project is also underway as we speak,” he said.

As far as the execution of the ground is concerned in the UK, “it is all systems green”, he added.

Balaji said there is some “degree of impact” of the Red Sea crisis, but, “I wouldn’t say there is no impact but having said that, we believe at this point in time, it is manageable and we are trying to ensure that we minimise any impact that may come.” “Rerouting is adding about 10-odd days in the portfolio and for specific lanes, the thick products, we are finding ways to navigate it,” he said.

On Electric Vehicle (EV) sales, he said the volumes have been increasing sequentially.

According to him, there is no cannibalisation happening between the EV and CNG segments.

“We do see strong growths coming through in CNG and EV part of a portfolio and that is expected to continue. And these are all incremental volumes,” he said.

Balaji also said that the company is targeting 25-30 per cent of the sales from EVs in FY25 and FY26.

ALSO READ-Tata Steel to shut two loss-making UK units

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Tata Steel to shut two loss-making UK units

The unions had pitched the idea to keep the blast furnaces working during the transition period, till 2032, The Guardian reported separately...reports Asian Lite News

Tata Steel will reportedly be shutting down its blast furnaces in Port Talbot Steelworks in Wales, United Kingdom, a move that may affect 3,000 jobs, BBC reported citing trade union officials. The company is expected to announce on January 18 whether it is planning to go ahead with the decision.

The decision was made after Tata executives met with the trade unions at the Taj Hotel in London earlier in the day. Tata Steel reportedly rejected a plan formulated by the trade union to keep its blast furnaces running while it made a gradual shift to an electric arc furnace to produce greener steel products to reduce carbon emissions.

The unions had pitched the idea to keep the blast furnaces working during the transition period, till 2032, The Guardian reported separately. In September last year, the UK government had announced a joint investment package with Tata Steel worth £1.25 billion, comprising a massive grant aimed at securing operations at the Port Talbot furnaces. Notably, the UK vertical of Tata Steel has proven to be a loss maker for the past few quarters now. The steelmaker reported a loss of Rs 6,511 crore in the July-September quarter of FY23-24 due to a massive impairment charge it paid, which ran in thousands of crores of rupees, in connection with the Port Talbot units. Tata Steel to shut Port Talbot blast furnaces in UK, about 2,800 jobs at risk  Tata Steel to shut Port Talbot blast furnaces in UK, about 2,800 jobs at risk If the Port Talbot furnaces are shut down, the one at Scunthorpe will remain the only blast furnace in the country. However, media reports suggest that it is also staring at a similar fate, and if this speculation holds, the UK will become the only G20 country that cannot produce steel from raw materials.

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Business

Double Deals, Tata Dominates Day

After its first acquisition today, Tata Consumer Products swiftly announced a 100% stake purchase in Capital Foods, known for brands like Ching’s Secret and Smith & Jones, in a Rs 5,100 crore all-cash deal…reports Asian Lite News

In two back to back deals, Tata Consumer Products on Friday stated it will acquire up to 100 per cent stake in Organic India, a Fabindia-owned business that sells tea, infusions, herbal supplements and packaged foods, for Rs 1,900 crore in an all cash deal.

“The Board of Directors approved the acquisition of up to 100 per cent of the equity share capital of Organic India Private Ltd. The company, thereafter, has entered into a share purchase agreement (SPA) with Fabindia Ltd to acquire up to 100 per cent of the company’s equity share capital,” Tata Consumer Products said in an exchange filing.

The announcement came shortly after Tata Consumer Products’ first acquisition of the day, where it said it will buy 100 per cent stake in Capital Foods, which markets its products under Ching’s Secret and Smith & Jones brands, for Rs 5,100 crore in an all cash deal.

Estimated turnover of Organic India for FY24 is approximately Rs 360 to Rs 370 crore. In the last three fiscals, the company has seen a gradual decline in sales from Rs 394.8 crore in FY21 to Rs 324.4 crore in FY23.

The deal values the company at a little over five times its FY24 sales. Against FY23 sales, the company is valued at nearly six times its sales. Tata Consumer is valued at 12 times its FY23 sales and 11.5 times its FY24 (annualised) sales.

The Total Addressable Market (TAM) for the categories that Organic India is present in is Rs 7,000 crore in India and Rs 75,000 crores in international markets where Tata Consumer has a strong presence, the company said.

Fabindia, which said that its story began 60 years ago as a celebration of India, and the company remains committed to its core mission of bringing authentic Indian crafts to the discerning customer, said that over the past ten years, it has worked diligently to turn Organic India (OI) into one of India’s leading wellness brands.

Since the start of their partnership in 2013, Fabindia and OI have empowered thousands of farmers to transition to sustainable methods, and have built India’s largest network of certified organic farming clusters. OI has created a vertically integrated supply chain connecting farmers to a devoted customer base across the world, FabIndia said.

OI has evolved to a point where its growth prospects can be greatly enhanced by a dedicated FMCG distribution and sales network. In Tata Consumer Products Ltd (TCPL), we have found a partner who can elevate OI into a new phase of growth. With its extensive institutional network and global footprint, TCPL is ideally placed to unlock the full potential of what Fabindia and OI have built together.

OI co-founder Bharat Mitra said: “By the grace of our Sathguru, Papaji, and our great love for Mother India, we have been inspired to create a purpose-driven company that is uncompromisingly committed to the wellbeing of humanity and the earth. We were called from within our hearts to build a business model that transcended the tension between core human values and financial prosperity. Over 25 years, we created a thriving ecosystem that sought to harm none and benefit all—from mother nature, to the farmers and employees, to the customers and the wider public.”

“Ten years ago, we partnered with Fabindia, whose support made it possible to advance our dream further than we ever thought possible. We are now delighted that Tata, India’s most storied conglomerate, is embracing Organic India, and we are inspired by their commitment to carry its mission to new heights. It is a day of fulfillment, contentment, and gratitude. We will always remain in awe of what is possible when we trust in the intelligence of the heart.”

Sunil D’Souza, MD & CEO of Tata Consumer Products, said: “We are excited about bringing Organic India into Tata Consumer Products. This transaction aligns well with Tata Consumer’s overall strategic objectives and presents exciting market opportunities in the rapidly growing Health & Wellness segment. In addition, Organic India has built very strong relationships with farmers to create a robust organic supply chain with a trusted brand and a loyal consumer base. Organic India’s differentiated products and robust supply chain together with Tata Consumer’s distribution strength across channels in India and specific geographies globally makes us confident of accelerating momentum in the business while improving our margin profile.”

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Tata Unveils Chip Plant Plans

The company is also likely to commence the construction of a 20 gigawatts battery storage factory in Gujarat within the next few months….reports Asian Lite News

Tata Group on Wednesday announced plans to build a state-of-the-art semiconductor fabrication plant in Gujarat, as India begins the journey to become a global chip hub.

Tata Sons Chairman N. Chandrasekaran, speaking at the 10th Vibrant Gujarat Global Summit in Gandhinagar, said that Tata Group is on the verge of finalising and announcing a substantial semiconductor fabrication plant at Dholera in the state.

“We are about to complete negotiations for the semiconductor fab and start in 2024,” he told the gathering.

The company is also likely to commence the construction of a 20 gigawatts battery storage factory in Gujarat within the next few months.

“This ambitious initiative marks a strategic move by Tata to bolster its presence in the renewable energy sector and contribute to India’s growing focus on sustainable power solutions,” said Chandrasekaran.

The Tata Group is also planning to build one of India’s largest iPhone assembly plants in Tamil Nadu’s Hosur.

According to media reports, the facility is expected to feature around 20 assembly lines and employ 50,000 workers within two years. The site is expected to be operational within 12 to 18 months.

In September last year, US-based Micron Technology started the construction of a Rs 22,500 crore facility in Sanand, Gujarat, that will set a benchmark for India’s semiconductor journey.

The engineering major Larsen & Toubro (L&T) has also announced to invest up to Rs 830 crore to build a fabless semiconductor chip design subsidiary which will ramp up the country’s plan to become a semiconductor hub

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Africa News Business Economy

Tata Targets Africa

With a rich legacy spanning over four decades, Tata International is a key contributor to the economic landscape of the African continent…reports Asian Lite News

Tata International is set to expand operations in Nigeria through a strategic partnership with the Lagos Free Zone (LFZ). The agreement was signed in the presence of Anand Sen, Managing Director of Tata International Limited, by Managing Director of Tata Africa Holdings Pty Ltd, Len Brand. This marks a significant milestone in the company’s commitment to the region.

With a rich legacy spanning over four decades, Tata International is a key contributor to the economic landscape of the African continent. In 2006, Tata International established operations in Nigeria and since then has made a significant contribution in the country, upholding the core values of Tata’s business ethics and commitment to corporate social responsibility.

“As a brand synonymous with quality products and ethical business operations in Africa, Tata International is excited to join the Lagos Free Zone. This strategic move reflects our commitment to fuelling growth in Nigeria and the wider African continent”, says Anand Sen, MD, Tata International.

Promoted by Tolaram, a Singaporean conglomerate with over four decades of experience in Nigeria, LFZ is in Lekki, the sunrise development corridor earmarked by Lagos State Government for driving industrialization over the next two decades. The agreement with LFZ involves the leasing of a state-of-the-art 6000 square meter facility within LFZ, a move aimed at enhancing Tata International’s operational capabilities in the region.

“The participation in Lagos Free Zone is the next level of commitment for Tata International’s longstanding presence in Nigeria and the African continent as a whole. This collaboration with Tolaram underscores our dedication to fostering economic growth and increased competitiveness. We aim for this partnership to lead to greater efficiency, innovation, and specialisation in the region,” added Len Brand, MD of Tata Africa Holdings.

The signing ceremony took place in the Lagos Free Zone area and was attended by key representatives from Tata International, Tolaram and Lagos Free Zone. The event signifies the dawn of a new era in the relationship between the entities, aiming to contribute to economic development in the region and attract new investors to Nigeria, recognised as one of the key economies in the continent.

“Tata International remains steadfast in its vision to build and sustain relationships in Africa. The company’s entry into the Lagos Free Zone reaffirms its commitment to creating opportunities and making a positive impact on local communities. We stand by our pledge to strengthen our already robust footprint on the African continent,” concluded Brand.

Navin Nahata, a member of the Tolaram Board and the Managing Director of its infrastructure and fintech business, added: “We are delighted that Tata International, one of our most prestigious international clients, has decided to expand their operations in Nigeria through our ready-to-lease Standard Industrial Facility at the LFZ. We are committed to supporting the next phase of growth in Nigeria for Tata International.”

“LFZ is the first and only free zone in Nigeria that is uniquely integrated with the deepest seaport in the region, the Lekki Port, which commenced operations in April 2023. LFZ thus offers a unique location that will provide our valued tenants with seamless and cost-efficient access to domestic, regional, and international markets,” said Dinesh Rathi, CEO and Managing Director at Lagos Free Zone.

The Tata group and Tata International began the relationship with the African continent in 1977 with the establishment of Tata Zambia. In 1994, the Tata group inaugurated Tata Africa Holdings, in Johannesburg South Africa, which now serves as the group’s headquarters in the continent. Tata International is present in 12 African countries, namely South Africa, Ghana, Kenya, Ivory Coast, Malawi, Mozambique, Nigeria, Senegal, Tanzania, Uganda, Zambia and Zimbabwe. It operates in automotive, agricultural equipment, farming and farm equipment, chemicals, and healthcare products.

Today, Tata is a brand that’s synonymous with quality products and ethical business operations in Africa. It is committed to its vision of building and sustaining relationships in Africa with cooperation and trust, creating employment opportunities and making its contribution to the social development of local communities. Tata companies in Africa promote the social and economic development of local communities through education, entrepreneurship and health initiatives.

Lagos Free Zone

Established in 2012, Lagos Free Zone (LFZ) is a unique and award-winning port-based industrial zone (850 hectares) in Lagos, Nigeria, with over USD 2.5 billion committed FDI projects to date. Owned and promoted by Tolaram , LFZ is located in Lekki, the sun rise development corridor in Lagos. Its vision is to be the preferred industrial hub in West Africa with world-class infrastructure and they currently serve global brands like BASF, Kellogg’s, Colgate, Arla, Dufil, Lekki Port among others as its current tenants.

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Tata Consumer Products Ventures into Energy Drink Market with ‘Say Never’

Shares of Tata Group firms surge after SC verdict against Mistry

This energy drink boasts two invigorating variants, namely, Red and Blue, each designed to provide a much-needed vitality boost for those who dare to pursue their dreams…reports Asian Lite News

Tata Consumer Products (TCP), a conglomerate unifying the Tata Group’s prominent food and beverage interests, has announced a bold foray into the rapidly expanding energy drink category with the introduction of ‘Say Never Energy Drink.’ In a strategic move to diversify its product range, this beverage aims to carve a niche in the dynamic world of energy drinks by celebrating the spirit of resilience and unwavering determination.

Priced affordably at just Rs. 10 for a 200 ml cup format, ‘Say Never Energy Drink’ is tailored for individuals who exemplify relentless determination and unwavering resolve in the face of adversities. The brand seeks to pay homage to those who persist, irrespective of the challenges they confront, and continue to push their limits.

This energy drink boasts two invigorating variants, namely, Red and Blue, each designed to provide a much-needed vitality boost for those who dare to pursue their dreams.

Speaking about the launch, Mr. Vikram Grover, Managing Director of NourishCo Beverages Limited, a subsidiary of Tata Consumer Products, stated, “With this launch, we aim to inspire and energize the doers, the dreamers, and the go-getters of the world. Say Never Energy Drink is not just a beverage; it’s a symbol of empowerment, a companion for those who dare to be different. The launch enhances and complements NourishCo’s overall product portfolio, and through this, we celebrate the heroes who chart their unique paths. This affordable caffeine-based energy drink is tailored for the younger generation, and we are here to fuel their journey.”

In its initial phase, ‘Say Never Energy Drink’ will be available at retail outlets in Karnataka and North Indian markets, priced at just Rs. 10.

Tata Consumer Products Limited is a focused consumer goods company that consolidates the principal food and beverage interests of the Tata Group. The company’s portfolio includes a wide range of products such as tea, coffee, water, ready-to-drink beverages, salt, pulses, spices, ready-to-cook and ready-to-eat offerings, breakfast cereals, snacks, and mini-meals. Some of its key beverage brands include Tata Tea, Tetley, Eight O’Clock Coffee, Tata Coffee Grand, Himalayan Natural Mineral Water, Tata Copper+, and Tata Gluco+. The company’s food portfolio comprises brands like Tata Salt, Tata Sampann, and Tata Soulfull. With a presence in over 201 million households in India, Tata Consumer Products leverages the Tata brand’s reputation in the consumer products sector. The company has achieved a consolidated annual turnover of approximately Rs. 13,783 crores, with operations spanning both domestic and international markets. For more information about the company, visit their website at www.tataconsumer.com.

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Tata Steel, UK govt close to finalising £500 mn deal  

This impending agreement between the government and Tata Steel is poised to ensure the continuity of operations at the United Kingdom’s largest steelworks…reports Asian Lite News

Tata Steel is in advanced stages of negotiations with the UK government to secure approximately 500 million pounds in government-backed funding, aimed at safeguarding the future of its Port Talbot facility in South Wales.

This impending agreement between the government and Tata Steel is poised to ensure the continuity of operations at the United Kingdom’s largest steelworks.

Sources have informed Sky News that Whitehall officials are engaged in preliminary discussions regarding a financial support package. This package aims to provide assistance to Tata Steel employees who may face redundancy as the Port Talbot plant undergoes a transformation from conventional blast furnace operations to environment-friendly steel production.

According to the news report, both the government and the India-based company are optimistic about finalising the deal as early as the end of this week, though they acknowledge that the timeline could still see adjustments.

Under the terms of the agreement, Tata Steel will receive financial aid amounting to approximately 500 million pounds, with the company itself expected to allocate around 700 million pounds for modernising the Port Talbot plant.

During the earlier stages of negotiations, Tata Steel had sought a more substantial sum from British taxpayers.

Port Talbot currently employs about 4,000 individuals, constituting roughly half of Tata Steel’s entire UK workforce. The company has indicated that, even with government financial support, as many as 3,000 of its UK-based employees could face job losses.

The agreement with the government includes a commitment from Tata Steel to construct electric arc furnaces, which employ less labour-intensive processes for steel production compared to traditional blast furnaces.

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