Construction Industry News
Andhra Pradesh has struck a major deal in which ArcelorMittal agrees to invest Rs 1,000 crore in the Nippon Steel plant in the state of Andhra Pradesh.
ArcelorMittal CEO Aditya Mittal plans to expand operations at the Andhra Pradesh plant after consultation with State CM YS Jagan Mohan Reddy in Davos.
According to a statement, ArcelorMittal/Nippon Steel India will expand its reach in Andhra Pradesh with an investment of Rs 1,000 crore. It will take initiatives to expand the brownfield Vizag pellet plant in Andhra Pradesh.
This expansion project will increase pellet production capacity by 35%, from 8 million tons per year (mtpa) to 11 million tons per year.
The Nippon Steel plant in the state is already connected to a slurry pipeline in Chattisgarh, which provides a clean and efficient way to transport raw materials for pelletization from well to factory.
ArcelorMittal and Nippon Steel India plan to complete the expansion work by 2023, with environmental permit in the coming months.
The investment proposal was announced by ArcelorMittal/Nippon Steel (AM/NS) India for the 24-hour renewable energy development, with a nominal capacity of 975 MW, also in Andhra Pradesh.
The project involves an investment of over Rs 4,000 crore, including solar and wind energy, supported by Greenko's hydropump storage project. It will have to overcome the intermittent generation of wind and solar energy.
The 250 MW capacity will result in generating more than 20% of the electricity needs at AM/NS India's Hazira plant from renewable energy sources. It will reduce CO2 emissions by approximately 1.5 million tons per year.
CM Jagan Mohan Reddy told the media that this investment would attract major manufacturing and renewable projects. It will support steel production in India and aid efforts to promote industrial decarbonisation.
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