New Delhi, Feb. 23 -- Tata Steel, India's second-largest steelmaker, aims to source half of its iron ore requirements from captive mines after 2030, down from 100% now, as steep premiums in mine auctions make relying only on leased blocks economically unviable-prompting the company to consider open-market purchases and imports to secure ore.

"We will certainly look for at least 50% captive so that the operations are stable, but between 50 and 100 will probably depend on the economics," Tata Steel chief executive officer T.V. Narendran told Mint on the sidelines of a business event on Saturday, 21 February.

The shift comes ahead of the expiry of its leases in Jharkhand and Odisha by FY2030 under the amended Mines and Minerals (Developmen...