Mittal-Nippon to invest ₹1,47,162 crore into two phases for steel plant in AP, says minister

The steel plant would entail a staggering investment of `1,47,162 crore, divided into two phases – `61,780 crore in the first phase and `85,382 crore in the second. This would create job opportunities for approximately 100,000 people, Bharat stated while answering questions in the state assembly on Thursday.

The integrated steel plant, he said, would have a production capacity of 17.8 million tonnes per annum (MTPA), with the first phase contributing 7.3 MTPA and the second phase raising this to 10.5 MTPA.

Bharat noted the long-standing interest of the company in setting up a facility in Odisha. However, minister Nara Lokesh held discussions during the World Economic Forum in Davos with Aditya Mittal, following which an agreement was signed between the steel giant and the AP government, he said.

The industries minister saidi the steel industry was appreciative of the leadership of chief minister Chandrababu Naidu and reposed confidence in the state’s alliance government.

The minister claimed that this plant would become the largest steel manufacturing facility in the country, boosting AP’s industrial growth.