Nippon Steel's Rs 1.4 Lakh Crore Investment in Andhra Pradesh
Andhra Pradesh Chief Minister N. Chandrababu Naidu recently announced that ArcelorMittal/Nippon Steel is planning to invest a whopping Rs 1.4 lakh crore for a 17.8-million-ton integrated steel plant in Anakapalli. He made the announcement while attending the World Economic Forum (WEF) in Davos. Naidu shared the news on X, stating, "ArcelorMittal/Nippon Steel has recently made a landmark investment of Rs 1.4 lakh crore for a 17.8-million-ton integrated steel project in Anakapalli. This initiative stands out as one of the largest greenfield projects in recent times! #InvestInAP".
Accompanied by Ministers Nara Lokesh and T.G. Bharat, Naidu met Lakshmi Mittal, the Executive Chairman of the Mittal Group, and Aditya Mittal, CEO of ArcelorMittal, to take stock of the integrated steel plant. The delegation underlined Andhra Pradesh's investment-friendly ecosystem and strategic advantages while inviting further industrial collaborations.
State Minister for Education, IT, and Electronics, Nara Lokesh, was of the view that Bhavanapadu also had great scope to emerge as a world-class petrochemical hub, exploring which was discussed with Mittal. Lokesh mentioned port capacity of 83.3 MTPA and robust infrastructure while stating the hub's closeness to the Indian Institute of Petroleum and Energy in Vizag for R&D, manufacturing, and logistics of petrochemicals and green energy.
In return, Lokesh offered Rs 3,500 crore investment through HPCL-Mittal Energy Limited (HMEL) on a 2 GW solar cell manufacturing plant in Andhra Pradesh, which would provide 2,000 jobs. Mittal agreed, with support from the government.
The CEO of ArcelorMittal further briefed on the group's green initiatives, where they have tied up with Greenko to establish 975 MW of solar and wind energy. Clean energy generated by this source will power Anakapalli steel plant and offset carbon emission worth 1.5 million tonnes every year. Mittal further announced the launch of 1 MT green ammonia at Kakinada, supporting the sustainable energy initiatives of Andhra Pradesh.
