You are here: Home » Companies » News
Business Standard

WEF 2022: Andhra signs 3 MoUs, AMNS India announces Rs 1,000 cr investment

World Economic Forum 2022: ArcelorMittal Nippon Steel India intends to complete the expansion project in 2023

World Economic Forum | ArcelorMittal | Andhra Pradesh

BS Web Team 

(Photo: Bloomberg)

Nippon Steel (AMNS) India on Tuesday announced that it will invest Rs 1,000 crore in to expand its plant capacity in Vizag.

The state government also signed three MoUs for generating green energy while big-ticket company heads held discussions with Chief Minister Jagan Mohan Reddy at the (WEF) summit in Davos.

ALSO READ - WEF 2022: Here's what will happen on Day 2 at Davos Annual meeting

" Nippon Steel India has confirmed a proposed investment of INR 1,000 crore towards brownfield expansion of its Vizag plant in Andhra Pradesh," the company said in a statement.

The planned expansion will increase production capacity at Vizag by 35 per cent, from 8 MTPA to 11 MTPA.

This investment follows a recent announcement by ArcelorMittal, a parent company of AM/NS India, to develop a ‘round the clock’ renewable energy project with 975 MW of nominal capacity, also in the state of .

ALSO READ - ArcelorMittal bets big on insolvent firms to build its India empire

The company intends to complete the expansion project in 2023, subject to receiving Environmental Clearance.

"We welcome these significant investments by and AMNS India to Andhra Pradesh, which reinforce the state's leadership in attracting pioneering manufacturing and renewables projects that will not only support India's steel making growth ambitions but also assist the country's efforts to advance industrial decarbonisation," said CM Reddy.

The state government has signed an MoU with Aurobindo Reality Infrastructure Private Limited for generating 6,000 MW of green energy.

The second MoU was signed between the state and Greenko for generating 8,000 MW of green power.

The third MoU was signed with Ace Urban Developers for setting up a decarbonized manufacturing unit at Machilipatnam.

CM Reddy also met Bahrain Finance Minister Salman bin Khalifa Al-Khalifa and discussed exports and investments in the field of education.

Rajan Anandan, Managing Director of Sequoia Capital also met Reddy and held discussions on start-ups ecosystem development and starting operations in Andhra Pradesh.

The Chief Minister also met IBM CEO Aravind Krishna and discussed technology and skill development to transform Vizag into a technology hub.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, May 25 2022. 10:44 IST