New Delhi: AM/NS India, a joint venture between ArcelorMittal and Nippon Steel, is set to launch a massive steel project in Andhra Pradesh, a source said.
This integrated steel project, with a capacity of 17.8 million tonne, will involve a total investment of Rs 1.4 lakh crore and will be completed in two phases, the source added.
In the first phase of the project, ArcelorMittal Nippon Steel will establish a 7.3 million metric tonne per annum (MMTPA) capacity blast furnace steel plant with an initial investment of Rs 80,000 crore. The company has sought 2,600 acres of land for the first phase. In the second phase, AM/NS will add a capacity of 10.5 MMTPA with an investment of Rs 60,000 crore and has sought an additional 2,000 acres of land, the source added.
Manoranjan Kumar, chief of ports operations and development at AM/NS, said: “We plan to have a steel manufacturing capacity of 40 MMTPA by 2035. As part of this expansion plan, we were looking for coastal locations in Andhra Pradesh and Odisha. The key issues in setting up a steel project are the availability of land and port facilities. Nakkapalli fulfills both the criteria.”
The steel project was swung on a Zoom call between Andhra Pradesh IT minister Nara Lokesh and ArcelorMittal CEO and billionaire scion Aditya Mittal in July, the source said.
PNN
