ArcelorMittal plans Rs 1k investment in AP Nippon Steel plant
Andhra Pradesh has bagged a big deal, with ArcelorMittal agreeing to invest Rs 1,000 crore in the Nippon Steel plant in the state of Andhra Pradesh. CEO of ArcelorMittal, Aditya Mittal, has planned to expand operations of the Andhra Pradesh plant after discussing with the state CM YS Jagan Mohan Reddy in Davos. According to a statement, ArcelorMittal/Nippon Steel India will expand its reach in Andhra Pradesh with Rs 1,000 crore investment. It will make initiatives towards expanding the brownfield Vizag pellet plant in Andhra Pradesh. This expansion project will increase pellet production capacity by 35%, from 8 million tonnes per annum (mtpa) to 11 mtpa. The Nippon Steel plant in the state is already connected to a slurry pipeline in Chattisgarh, which provide a clean and efficient way of transporting raw materials for pelletisation from source to plant. ArcelorMittal and Nippon Steel India plan to complete the expansion work by 2023, with environmental clearance in the coming months. The investment proposal was announced by ArcelorMittal/Nippon Steel (AM/NS) India for round-the-clock renewable energy development, having 975 MW of nominal capacity, also in Andhra Pradesh. The project includes over Rs 4,000 crore investment, including solar and wind power, supported by Greenko's hydro pumped storage project. It will have to overcome the intermittent wind and solar power generation. The 250 MW capacity will result in generating over 20% of the electricity requirement at the Hazira plant of AM/NS India from renewable energy sources. It will reduce carbon emissions by around 1.5 mtpa. CM Jagan Mohan Reddy told the media that this investment would attract major manufacturing and renewable projects. It will support India's steel production and help in the efforts to advance industrial decarbonisation. Image Source
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