World Economic Forum: Andhra govt signs 3 MoUs, AMNS India announces Rs 1,000 crore investment
May 25, 2022
Davos [Switzerland], May 25 : ArcelorMittal Nippon Steel (AMNS) India on Tuesday announced that it will invest Rs 1,000 crore in Andhra Pradesh to expand its pellet plant capacity.
"ArcelorMittal Nippon Steel India has confirmed a proposed investment of INR 1,000 crore towards brownfield expansion of its Vizag pellet plant in Andhra Pradesh," the release said.
The planned expansion will increase pellet production capacity at Vizag by 35 per cent.
"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 decarbonisation," stated Andhra Pradesh Chief Minister Jagan Mohan Reddy.
Andhra Pradesh Government signed three MoUs for generating green energy while big-ticket company heads held discussions with Chief Minister YS Jagan Mohan Reddy at the World Economic Forum (WEF) summit.
The state government has signed an MoU with Aurobindo Reality Infrastructure Private Limited for generating 6,000 MW of green energy. Special Chief Secretary Karikal Valaven signed on behalf of the state while Aurobindo Director Sharatchandra Reddy signed on behalf of the Company.
The second MoU was signed between the state and Greenko for generating 8,000 MW of green power. Karikal Valaven and Anil Chalamsetti of Greenko inked the pact.
The third MoU was signed with Ace Urban Developers for setting up a decarbonized manufacturing unit at Machilipatnam. Karikal Valaven and Anil Chalamsetti were the signatories.
The Chief Minister met Bahrain Finance Minister Salman bin Khalifa Al-Khalifa and discussed exports and investments in the field of education.
Rajan Anandan, Managing Director of Sequoia Capital also met the Chief Minister and held discussions on start-ups ecosystem development and starting operations in Andhra Pradesh.
Luc Remont of Schneider Electric Global met the Chief Minister and discussed transforming Andhra Pradesh into a manufacturing hub to cater to the national and international needs and the Chief Minister told him about the growing demand for green energy and the potential the state has.
Jubilant Group Chairman Hari Bhartia discussed with the Chief Minister on the possibility of investments in food processing units while Aditya Mittal said that ArcelorMittal would invest 600 million dollars in green energy. This was told after his participation in the panel discussion on Decarbonize economy.
The Chief Minister also met IBM CEO Aravind Krishna and discussed technology and skill development to transform Vizag into a technology hub.
