BMW Industries Limited (BMWIL), a prominent player in the downstream steel sector, has signed a Memorandum of Understanding (MoU) with the Ministry of Steel under the Production Linked Incentive (PLI) Scheme 1.1 for Specialty Steel. The agreement was formalized on March 24, 2025, at Vigyan Bhawan in New Delhi.
As a qualified beneficiary under the scheme, BMWIL will manufacture ‘Coated/Plated Steel Products of Metallic/Non-Metallic Alloy’ and ‘Al-Zn Coated (Galvalume) Products’ at its upcoming Greenfield Downstream Steel Complex in Bokaro, Jharkhand. This development aligns with the company's previously announced capital expenditure plans, detailed in a press release dated March 19, 2025, available on the BSE website.
Expressing his views on the achievement, Mr. Harsh Bansal, Managing Director of BMW Industries Limited, said:
"We are honored to be selected under the PLI Scheme by the Ministry of Steel, under the leadership of the Honourable Minister for Steel & Heavy Industries, Shri H D Kumaraswamy. This milestone reinforces our commitment to strengthening downstream steel capabilities and expanding our presence in both domestic and international markets. With the strategic location of our Bokaro plant and access to key resources, we are confident this initiative will generate long-term value for our stakeholders and contribute significantly to the government's vision of advancing specialty steel production in India."
Mr. Bansal further emphasized the company’s dedication to the ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives, reaffirming BMWIL’s role in promoting self-reliance and driving sustainable growth in the steel sector.