ArcelorMittal Nippon Steel India’s (AM/NS India’s) proposed steel plant in Andhra Pradesh got a leg-up with the company announcing on Friday that it has started the acquisition of a land parcel in Anakapalli district, Andhra Pradesh, as part of its plans to set up an integrated steel plant in Rajayapeta.
In a statement, the joint venture of global steelmakers — ArcelorMittal and Nippon Steel — said the initial payment for acquiring the land has been made, and possession is expected soon, paving the way for the company to commence work on the greenfield project.
The proposed initial capacity of the plant is 7.3 million tonnes (mt). The project reinforces AM/NS India’s commitment to contributing to India’s national ambition to reach 300 mtpa crude steel capacity by 2030 and to strengthening domestic manufacturing in line with the Atmanirbhar Bharat initiative, the company said.
Welcoming AM/NS India to Andhra Pradesh, Chief Minister N Chandrababu Naidu said in a statement, “This mega steel plant will not only create substantial employment opportunities but also foster socio-economic development for the communities and beyond. This project aligns with our vision of transforming Andhra Pradesh into a leading industrial hub.”
Lakshmi Mittal, executive chairman, ArcelorMittal, said, “This investment in Andhra Pradesh deepens and broadens our presence in Indian steelmaking and takes us all closer to Viksit Bharat. This is a proud moment for all at AM/NS India and Andhra Pradesh; together we hope to make a meaningful addition to India's growing stature as a pre-eminent force in global manufacturing.”