ArcelorMittal Nippon Steel to invest Rs 1000 crore in Andhra Pradesh for brownfield expansion

ArcelorMittal Nippon Steel India has announced an investment of Rs 1,000 crore towards the brownfield expansion of its Vizag pellet plant in Andhra Pradesh.

The planned expansion will increase production capacity by 35 per cent i.e. from the present 8 million tonnes per annum to 11 MTPA. The announcement was made at the World Economic Forum Davos, where Chief Minister Jaganmohan Reddy is scouting for investments in the state.

Meanwhile, the AP government has signed an MoU with Aurobindo Reality Infrastructure Private Limited for generating 6,000 mw of green energy. Another MoU was signed between the state and Greenko for generating 8,000 mw of green power. A third MoU was also entered on Tuesday with Ace Urban Developers for setting up a decarbonized manufacturing unit at Machilipatnam, CMO officials said.

The Chief Minister met Rajan Anandan, Managing Director of Sequoia Capital and held discussions on start-up ecosystem development and starting operations in Andhra Pradesh.

Luc Remont of Schneider Electric Global met the Chief Minister and discussed the possibilities in the manufacturing sector in AP to cater to national and international demands.

Jubilant Group Chairman Hari Bhartia discussed the possibility of investments in the food processing sector.

CM Reddy also met IBM CEO Arvind Krishna and discussed technology and skill development initiatives to develop Vizag into a tech hub.