Gujarat-based AMNS India on Tuesday announced it will make a Rs ₹1,000-crore investment in Andhra Pradesh to expand its pellet plant capacity.
The amount will be used to expand the capacity of its pellet plant in Visakhapatnam to 11 million tonnes (MT) per annum from 8 MT at present, AMNS India said in a statement issued here.
"ArcelorMittal Nippon Steel India has confirmed a proposed investment of ₹1,000 crore towards brownfield expansion of its Vizag pellet plant in Andhra Pradesh," it said.
The planned expansion will increase pellet production capacity at Vizag by 35 per cent, it 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," the statement quoted Andhra Pradesh Chief Minister Jagan Mohan Reddy as saying.
The chief minister made the remarks after a meeting with Aditya Mittal, CEO of parent company ArcelorMittal and Chairman of AMNS India at the World Economic Forum in Davos.
Dilip Oommen, 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."
ArcelorMittal has also made an investment of $600 million for setting up of 1,000 megawatt (MW) solar capacity in the world's largest 5,230 MW renewable energy project being set by Greenko Group in Kurnool, Andhra Pradesh.