ArcelorMittal-Nippon to set up steel plant at a cost of Rs 61,780 crore and create 21,000 jobs

In a major boost to the industrial development of Andhra Pradesh, the State Investment Promotion Board (SIPB) has approved significant investments totaling Rs 85,083 crore, the notable highlight of which was the setting up of an integrated steel plant by Arcelor Mittal Nippon Steel India (AM/NS India). ).

The project, which will include its own port, is planned to be developed at Bagaraiyahpet near Nakkapalli in Anakapalle district, with an initial investment of Rs 61,780 crore. The plant is expected to create jobs for 21,000 people in the region.

The SIPB meeting, chaired by Chief Minister N Chandrababu Naidu, marked its first convocation after the TDP-led NDA government came to power. The board has approved a total of 10 heavy industrial projects, including the AM/NS India steel plant, which will play a key role in the economic development of the state.

The approved investments are expected to create 33,966 jobs across various sectors. Dean Heralds report.

Among the major projects approved at the meeting, LG Electronics India Pvt Limited will invest Rs 5,001 crore creating 1,495 jobs and Kalyani Strategic Systems Limited will invest Rs 1,430 crore creating 565 jobs.

Other approvals include Phillips Carbon Black Limited’s investment of Rs 3,798 crore, which will create 200 jobs, and Azad India Mobility Limited’s investment of Rs 1,046 crore, which will provide employment to 2,381 people.

During the meeting, Chief Minister Naidu stressed the importance of protecting the interests of landowners who will provide land for these projects.

It recommended adopting a land pooling system for land acquisition for the ArcelorMittal steel plant and introducing three different land acquisition methods to ensure fairness and transparency. Naidu stressed the need to develop skills and employment opportunities for those who volunteer their land.

The Chief Minister directed the officials to adopt a transparent approach similar to the one followed in the Amaravati project and ensure the best possible compensation packages to the landowners.

Naidu stressed the need to urgently remove barriers to investment and ensure speedy implementation of projects. He instructed the concerned ministers and officials to closely monitor investment agreements and ensure the implementation of each project.

He further stressed that Andhra Pradesh must compete aggressively with other states to attract investment, urging officials to work hard to improve the state’s investment climate.