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ArcelorMittal Nippon Steel India to invest Rs 1,66,000 crore in Gujarat

According to the pact signed by both parties, the steel giant will invest Rs 4,200 crore for the expansion and modernisation of their captive jetty in Hazira and Rs 45,000 crore to increase the Hazira plant's steel production capacity from the current 8.6 MMTPA to 18 MMTPA.

January 27, 2022 / 08:18 PM IST
Source: Reuters

Source: Reuters

The Gujarat government on Thursday said ArcelorMittal Nippon Steel India (AMNS India), which owns a steel mill at Hazira in Surat, will invest Rs 1,66,000 crore in six different projects in the state.

A memorandum of understanding (MoU) for this proposed investment was signed by Additional Chief Secretary (Industries and Mines) Rajiv Kumar Gupta on behalf of the Gujarat government, and by AMNS India CEO Dilip Oommen, said the state government in a statement.

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The MoU was signed in the presence of Gujarat Chief Minister Bhupendra Patel in Gandhinagar. According to the pact signed by both parties, the steel giant will invest Rs 4,200 crore for the expansion and modernisation of their captive jetty in Hazira and Rs 45,000 crore to increase the Hazira plant's steel production capacity from the current 8.6 MMTPA to 18 MMTPA, said the statement.

The company will invest Rs 30,000 crore to expand their facility at Suvali in Surat and Rs 30,000 crore to develop Surat steel city and industrial cluster at Kidiabet in Surat, said the statement. Moreover, the company will invest Rs 40,000 crore to set up solar, wind and hybrid power generation facilities across the state having a cumulative capacity of generating 10 gigawatts of clean energy, according to the statement.

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The first such renewable energy plant of the 2,200-megawatt (MW) capacity will come up at the Kana Talav area of the Bhavnagar district, said the statement, adding that a separate MoU for this project was also signed today. In addition, the company will pump in Rs 17,000 crore in a "downstream coke oven" project at Hazira in Surat, said the statement.

In all, the company will invest Rs 1,66,000 crore in six projects, which will generate nearly 1.80 lakh direct as well as indirect employment opportunities, said the statement.



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PTI
first published: Jan 27, 2022 08:18 pm
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