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Arcelor Mittal Nippon Steel India announces Rs 1,000 crore additional investment in Andhra

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Steelmaker ArcelorMittal Nippon Steel (AMNS) India will invest an additional Rs 1,000-crore in Andhra Pradesh to expand its pellet plant capacity to 11 MTPA.
Arcelor Mittal Nippon Steel India announces Rs 1,000 crore additional investment in Andhra
The present capacity of its pellet plant located in Visakhapatnam (Vizag) is 8 million tonnes per annum (MTPA).

"ArcelorMittal Nippon Steel India has confirmed a proposed investment of Rs 1,000 crore towards brownfield expansion of its Vizag pellet plant in Andhra Pradesh," the Gujarat-based company said in a statement on Tuesday.

The planned expansion will increase pellet production capacity at Vizag by 35 per cent to 11 MT from 8 MT, it said.

"We welcome these significant investments by ArcelorMittal and AM/NS India to Andhra Pradesh, which reinforce the state's leadership in attracting pioneering manufacturing and renewables projects that will not only support India's steel making growth ambitions but also assist the country's efforts to advance industrial decarbonisation," the statement quoted Andhra Pradesh Chief Minister Jagan Mohan Reddy as saying.

According to the statement, the chief minister made the remarks after a meeting with Aditya Mittal, CEO of parent company ArcelorMittal and Chairman of AMNS India at the World Economic Forum in Davos.

Dilip Oommen, CEO of AMNS India, said, "We are pleased to strengthen our commitment to the state with a further investment to significantly expand our pellet manufacturing plant in Visakhapatnam".
ArcelorMittal has also made an investment of $600 million for setting up of 1,000 megawatts (MW) solar capacity in the world's largest 5,230 MW renewable energy project being set by Greenko Group in Kurnool, Andhra Pradesh.


Source: https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/arcelormittal-nippon-steel-india-announces-rs-1000-crore-additional-investment-in-andhra/articleshow/91781255.cms


This Post was originally published on economictimes.indiatimes.com

 
 

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