New Delhi, Apr 19 (PTI) Steel Minister Ram Chandra Prasad Singh on Tuesday asked the steel CPSEs to utilise their Rs 1,3156-crore Capex to enhance the production capacity, modernisation of plants and install environmentally-efficient technologies.

The minister made the above remarks while chairing a meeting of steel CPSEs to review the capital expenditure incurred by them during the financial year (FY) 2021-22 and assess their CAPEX targets for the current financial year 2022-23, according to a statement issued by the Ministry of Steel.

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"It was noted that in FY22, the capital expenditure (CAPEX) spending by steel CPSEs was Rs 10,038 crore, an increase of 38 per cent over the CAPEX of Rs 7,266.70 crore in FY21. The CAPEX target for FY23 is Rs 1,3156.46 crore," it said.

The CMDs of steel CPSEs namely SAIL, NMDC, RINL, KIOCL, MOIL and MECON, along with senior officials of the ministry attended the meeting, the statement said.

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"During the meeting, the steel minister emphasised the importance of timely capital expenditure for enhancing steel production capacity, modernising old plant equipment, and taking up environmentally-efficient technologies," the ministry said.

The Indian steel sector has added a capacity of 16.29 MTPA in the last five years to reach a level of 154.27 (million tonne per annum) MTPA, it added.

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