Andhra Pradesh Secures Massive Investment in Steel and Renewable Energy

Andhra Pradesh Chief Minister N. Chandrababu Naidu announced a significant Rs1.4 lakh crore investment from ArcelorMittal/Nippon Steel for a massive steel project in Anakapalli. The initiative, highlighted at the World Economic Forum, also includes substantial renewable energy projects aimed at boosting the state's sustainable development.

In a significant economic development, Andhra Pradesh Chief Minister N. Chandrababu Naidu revealed a substantial investment by ArcelorMittal/Nippon Steel, amounting to Rs1.4 lakh crore, for a 17.8-million-ton integrated steel project in Anakapalli. This announcement was made during his visit to the World Economic Forum (WEF) in Davos, indicating a promising future for Andhra Pradesh's industrial landscape.

Naidu, alongside Ministers Nara Lokesh and T.G. Bharat, engaged in discussions with Lakshmi Mittal, Executive Chairman of the Mittal Group, and Aditya Mittal, CEO of ArcelorMittal. The focus was on advancing the integrated steel plant while promoting Andhra Pradesh's business-friendly environment and inviting international industrial partnerships. The delegation made a compelling case for increased collaboration and investment opportunities in the state.

State Minister Nara Lokesh suggested transforming Bhavanapadu into a premier petrochemical hub. He highlighted the region's strategic assets, including an 83.3 MTPA port capacity and the Indian Institute of Petroleum and Energy's presence in Vizag, to support research, manufacturing, and logistics in green energy sectors. Furthermore, Lokesh proposed a Rs3,500 crore investment through HPCL-Mittal Energy Limited for a solar cell plant, a project expected to generate 2,000 jobs and supported by state assurances.

Lakshmi Mittal also shared insights on the company's ongoing projects in Andhra Pradesh, especially in the renewable energy domain in collaboration with Greenko. These include developing a 975 MW solar and wind capacity to supply clean energy to the Anakapalli steel plant, thereby reducing carbon emissions by 1.5 million tons annually. Additionally, Mittal unveiled plans for a 1 MT green ammonia project in Kakinada, underscoring the state's commitment to sustainable energy initiatives.

(With inputs from agencies.)