ArcelorMittal Nippon Steel (AMNS), a steel producing company, has announced an investment of Rs 1,000 crores in Vizag. This announcement comes after the Chief Minister of Andhra Pradesh, YS Jagan, met the CEO of ArcelorMittal, Aditya Mittal at the World Economic Forum (WEF) at Davos. The AMNS pellet plant in Vizag, which has a production rate of 8 million tonnes per annum (MTPA), will now expand its capacity to 11 MTPA through this additional investment of Rs 1,000 crores.
In a statement on Tuesday, the Gujarat-based company has confirmed the proposed investment. This brownfield expansion will increase the production rate of the Vizag pellet plant by 35%, stated the company. The expansion is said to be completed by 2023, upon environmental clearance and other formalities.
Speaking about this new investment in Vizag, CM Jagan said “We welcome these significant investments by ArcelorMittal and AMNS in Andhra Pradesh, which will 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 advanced industrial decarbonization.”
Additionally, the ArcelorMittal group has also announced an investment for the development of 975 MW of renewable energy in the 5,230 MW capacity project being set up at Kurnool by Greenko Group.
Stay tuned to Yo! Vizag for more such city updates.
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