India’s ArcelorMittal Nippon Steel Limited (AMNS) has lined up investments to the tune of $22.43 billion for steel and allied projects in the western state of Gujarat, a government statement said on Friday, January 28.
A memorandum of understanding (MoU) on the proposed investment was signed between the Gujarat government and AMNS’ CEO Dilip Oommen, the company statement said.
As per the MoU detailing the investment, $6 billion will be spent on expansion of the company’s Hazira steel mill from 8.6 million mt per year to 18 million mt per year, and $568 million on modernization and expansion of the mill’s captive jetty at Hazira port.
It will construct a downstream coke oven project at its Hazira mill, entailing an investment of $2.3 billion, the company statement said.
The investment plan also includes a spending of $8 billion on the expansion of the company’s facilities at Suval, Gujarat, and on developing a steel-based downstream industrial cluster at Surat in the western state.
In addition, AMNS has lined up $5.4 billion to put up wind, solar and hybrid power generation projects across the state, aggregating to 10 gigawatts (GW) of clean energy generation, with the goal of decarbonizing steel production through increased usage of renewable energy, the company said.
