Tata Steel, which had faced issues over iron ore mining leases, has urged the new government to come out with clear policy measure to aid overall growth.

TV Narendran, Managing Director (India and South East Asia), Tata Steel said the Government must work closely with corporates to realise the full potential that India can offer and improve business confidence.

“We are confident that the new government would provide a strong and stable direction for growth in the country,” he added. Tata Steel looks forward to partner with the new government and expects clarity on policy going forward, he said in a statement.

“We expect a commitment for strong action that would help the steel and mining industry to play its part with the government to enable overall growth,” he said.

Tata Steel’s six million tonne project at Kalinganagar in Odisha faced huge resistance and cost run-up due to hurdles in land acquisition. Conceived in 2005-06, the company managed to begin work only in 2010. Despite drawbacks, the company is close to commissioning a three million tonne per annum steel plant with an investment of Rs 25,000 crore. The company still does not have long term linkage of raw material such as coal and iron ore.

Koushik Chatterjee, Group Executive Director (Finance and Corporate), Tata Steel said the company expects a stable government and fruitful journey of economic growth which would place India in a stronger position on the global map.

“We are optimistic that the new government would drive the country in the right direction for an inclusive growth and foreign relations. We are confident that it would expedite the infrastructure projects to provide a holistic development,” he said

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