Andhra Pradesh: ArcelorMittal-Nippon To Set Up Steel Plant With Rs 61,780 Crore, To Generate 21,000 Jobs

In a major boost for Andhra Pradesh’s industrial landscape, the State Investment Promotion Board (SIPB) has approved significant investments totaling Rs 85,083 crore, with a notable highlight being the establishment of an integrated steel plant by Arcelor Mittal Nippon Steel India (AM/NS India).

The project, which will include a captive port, is set to come up at Bagaraiahpeta near Nakkapalli in Anakapalle district, with an initial investment of Rs 61,780 crore. The plant is expected to create employment opportunities for 21,000 people in the region.

The SIPB meeting, chaired by Chief Minister N. Chandrababu Naidu, marked its first convening after the TDP-led NDA government took office. The board cleared a total of 10 heavy industries projects, including AM/NS India's steel plant, which will play a pivotal role in the state's economic development.

The approved investments are expected to generate 33,966 jobs across various sectors, as per Deccan Herald's report.

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

During the meeting, Chief Minister Naidu emphasised the importance of safeguarding the interests of landowners who will be providing land for these projects.

He recommended the adoption of a land pooling system for the acquisition of land for the ArcelorMittal steel plant, as well as the implementation of three different land acquisition methods to ensure fairness and transparency. Naidu stressed the need for skill development and employment opportunities for those voluntarily offering their land.

The Chief Minister instructed officials to adopt a transparent approach, similar to the one used for the Amaravati project, and ensure that landowners are given the best possible compensation packages.

Naidu stressed the urgency of removing obstacles to investment and ensuring that the projects are grounded as quickly as possible. He directed concerned ministers and officials to track investment agreements closely and ensure that each project reaches fruition.

He further emphasised that Andhra Pradesh must compete aggressively with other states to attract investments, urging officials to work diligently to improve the state's investment climate.