ArcelorMittal Nippon Steel commits ₹1.66 lakh cr investment in Gujarat.

ArcelorMittal Nippon Steel India has signed an agreement with Gujarat government to invest ₹1.66 lakh crore in six different projects in the state.

The company’s proposed investment include- ₹42,00 crore for expansion and modernisation of existing captive jetty at Hazira, ₹45,000 crore to increase the capacity of the existing 8.6 mtpa steel manufacturing plant to 18 MMTPA, ₹30,000 crore for Green Steel Plant with captive port capacity at Suvali, Surat and ₹30,000 crore for Steel City and Industrial Cluster in Kidiabet, Surat.

A total of 10 gigawatts of renewable power generation plants at various locations in the state will be set up by the company with an investment of about ₹40,000 crore. It has signed an MoU for a 2200 MW plant at Kanatalav in Bhavnagar district in the first phase.

ArcelorMittal Nippon Steel India is also planning to invest ₹17,000 crore in another downstream, Coke oven projects in Hazira, Surat. The projects will create about 1.8 lakh jobs.

The Gujarat government will co-operate with ArcelorMittal in accordance with the existing policies and regulations for the necessary permits to be given for the timely commencement of these projects.

HBL