Amaravati, March 23 Prime Minister Narendra Modi on Monday described the Rs 1.35 lakh crore ArcelorMittal Nippon Steel India (AM/NS India) project as a world-class integrated steel plant that will further strengthen India's steelmaking capabilities.
Andhra Pradesh Chief Minister N Chandrababu Naidu laid the foundation for the project at Nakkapalli mandal in Anakapalli district. Union Steel and Heavy Industries Minister HD Kumaraswamy, and global steel industry leaders Lakshmi Mittal and Aditya Mittal, were also present.
"This is a world-class integrated steel plant that will further strengthen India's steelmaking capabilities. It marks a major milestone in Andhra Pradesh's development journey and will create opportunities for youth while positioning the state as a hub of industrial innovation," an official release, quoting PM Modi, said.
The project will also strengthen India's position as a global steel manufacturing leader, the release added.
The AM/NS India project will be executed in phases, with Phase 1 involving Rs 70,000 crore to establish an 8.2 million tonne per annum capacity, making it India's largest greenfield steel plant. The facility is expected to commence production by the first quarter of 2029.
The plant is expected to generate around one lakh direct and indirect employment opportunities, providing a significant boost to livelihoods and regional economic growth.
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