After Karnataka and Telangana, the Telugu State of Andhra Pradesh also attracted a huge investment at the World Economic Forum (WEF) 2022.
According to sources, the Yuvajana Sramika Rythu Congress Party (YSRCP) led Andhra Pradesh Government signed a Memorandum of Understanding (MoU) With ArcelorMittal Nippon Steel (AMNS.) As per the MoU, ANMS would invest an amount of Rs. 1,000 crore to expand Pallet Plant Production In Visakhapatnam.
According to sources, the planned expansion would increase pellet production capacity in Visakhapatnam by 35% to 11 MT from 8 MT.
Mr. Y.S. Jagan Mohan Reddy, the Chief Minister of Andhra Pradesh said, “We welcome these significant investments by ArcelorMittal and AM/NS 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 decarbonization.”
The MoU was signed between Mr. Y.S. Jagan Mohan Reddy, the Chief Minister of Andhra Pradesh, and Mr. Aditya Mittal, the Chief Executive Officer (CEO) of parent company ArcelorMittal and Chairman of AMNS India, in Davos.
Mr. Dilip Oommen, the CEO of AMNS India, said, “We are pleased to strengthen our commitment to the state with a further investment to significantly expand our pellet manufacturing plant in Visakhapatnam”.
Besides signing MoU for a Rs 1,000 crore investment, AMNS also signed two other MoUs confirming an investment of USD 600 million. With the investment, the company would set up 1,000 megawatts (MW) solar capacity in the world’s largest 5,230 MW renewable energy project being set by Greenko Group in Kurnool, Andhra Pradesh.
It is to be noted, that Mr. Y.S. Jagan Mohan Reddy is in Davos to participate in the World Economic Forum Summit 2022, which started on the 21st of May.
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