Latest News | ArcelorMittal Nippon Steel India to Invest Rs 1,66,000 Crore in Gujarat

Ahmedabad, Jan 27 (PTI) 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.

Also Read | Union Budget 2022-23: Rise in Old-Age Pension, Re-Engaging Seniors Among Demands.

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.

Also Read | Vivo Y75 5G With Dimensity 700 SoC Launched in India at Rs 21,990.

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.

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. HRS hrs hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)