22.1 C
New York
Monday, July 22, 2024
HomeBusinessArcelorMittal’s Indian joint venture to commission project by 2026

ArcelorMittal’s Indian joint venture to commission project by 2026


Related stories

Blue Screen Day: Global outage leaves Microsoft users frustrated

In an unprecedented global outage, Microsoft services were down...

LT Foods opens new facility in Harlow to tap £1 billion UK rice market

LT Foods, an Indian-origin global FMCG company, has opened...

Mercedes-Benz eyes India’s electric vehicle market with new entry-level models

Mercedes-Benz is set to introduce entry-level electric vehicles (EVs)...

AI Firm C5i appoints Indian-American Ananth Raman as strategic advisor

AI & Analytics company C5i has announced the appointment...

Meta restructures Reality Labs with focus on AR and Metaverse, includes layoffs

Meta, the company behind Facebook, Instagram, and WhatsApp, is...

ARCELORMITTAL executive chairman Lakshmi N Mittal has said his company’s Indian joint venture with Nippon Steel will commission its facility in Gujarat in three years.

ArcelorMittal Nippon Steel (AMNS) India, formed in 2019 following the acquisition of Essar Steel, is scaling up the capacity of its integrated flat steel plant at Hazira to 15 million tonnes. The joint venture is investing Rs 600 billion (£5.9 bn) in the project.

Mittal said the expansion work at the facility was moving at a fast pace with more than 20,000 people involved in the project construction.

“We have full confidence that with the cooperation of the centre (union government) and Gujarat government, we will be able to commission the project by 2026,” he said at the 20th year celebrations of the biannual investor summit Vibrant Gujarat in Ahmedabad on Wednesday (27).

“It is our target to double our production capacity in the first phase and then triple…we will also make advanced products for technology,” Mittal told PTI.

- Advertisement -

He said once the project became operational, it would contribute to India’s self-reliance efforts by reducing the country’s steel imports.

The tycoon said the success of the G20 summit in New Delhi enhanced India’s image as a global consensus builder.

He said Gujarat, which had industries in sectors like automobile, electric vehicles, green hydrogen and semiconductors, provided reliable infrastructure and a stable policy environment.

In June, AMNS India announced a collaboration with the French digital automation and energy management firm Schneider Electric on the design of high-tech training facilities and programmes in ”smart manufacturing”.


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories