Tata Steel has outlaid a capital expenditure (CAPEX) of Rs 3,000 crore for its European operations as its focus is to make the business "stronger", the company's CEO and Managing Director T V Narendran said.

The CEO  made the remarks while responding to a question related to the company's strategy with respect to the Europe business, which Tata Steel could not sell earlier due to multiple reasons. "For FY 2022, we have guided that our capital expenditure will be Rs 3,000 crore for Europe. It is more for sustenance capex, environment-related capex, capex on the product mix, an enhancement that we are doing particularly in the Netherlands."

 In Europe, he said, the company's operation is being separated into Tata Steel Netherlands and Tata Steel UK which would help in cost efficiencies and management focus. The European business this year will be cash positive in terms of EBIDTA and PAT. It will be a strong year for European businesses as well. Tata Steel's focus is on the performance of European business. "We are not actively looking for any buyers. If you make the business stronger, that helps with the value of the business," Narendran said.

According to the company, steel deliveries at Tata Steel Europe increased by 17.4 percent year-on-year to 2.33 million tonne in the April-June quarter of the ongoing fiscal. The India business recorded an EBITDA of Rs 13,946 crore during the period. On January 29, Tata Steel had announced that Swedish steelmaker SSAB had withdrawn its initial interest for its Netherlands business.

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