ArcelorMittal Nippon Steel India signs MoUs worth Rs 1.66 lakh crore with Gujarat government

Steel major ArcelorMittal Nippon Steel India (AM/NS) has signed MoUs for six projects worth Rs 1.66 lakh crore with the Gujarat government.

The MoU was signed by Gujarat additional chief secretary for industries Rajiv Gupta, and AM/NS India CEO Dilip Oommen, as part of the upcoming 10th edition of Vibrant Gujarat Global Investor’s Summit-2022. The MoU was signed in the presence of Gujarat Chief Minister Bhupendra Patel in Gandhinagar.

Unveiling the details, the Gujarat government said in a press release that the steel giant will invest Rs 4,200 crore for the expansion and modernisation of its captive jetty in Hazira and Rs 45,000 crore to increase the Hazira plant’s steel production capacity from the current 8.6 million tonnes per annum (MTPA) to 18 MTPA.

“AM/NS India will invest another Rs 30,000 crore on expansion of its green steel plant situated at Suvali near Surat. Moreover, the Luxembourg-headquartered company will invest Rs 30,000 crore for the development of an industrial cluster in the proximity of Surat,” the release stated.

The steelmaker will also install 10 GW renewable energy generation plant at different places in Gujarat by infusing a capital of Rs 40,000 crore. The company will generate power through solar, wind as well as hybrid plants. In the first phase, AM/NS India will develop a 2200 MW plant near Bhavnagar in Saurashtra region. Besides, the company will also invest Rs 17,000 crore in a coke oven project in Hazira, the release added. AM/NS India is a joint venture between steel giants ArcelorMittal and Nippon Steel. In all, the company will invest Rs 1,66,000 crore in six projects, which will generate nearly 1.80 lakh direct as well as indirect employment opportunities, said the statement.

Leave a Reply

Your email address will not be published.