With the start of construction on India’s largest greenfield steel mill in Andhra Pradesh, ArcelorMittal and Nippon Steel have significantly increased the nation’s industrial capacity.
Located in the Anakapalli area near Visakhapatnam, the ₹1.35 lakh crore project will produce 8.2 million tons of steel a year with an initial investment of ₹70,000 crore. The plant’s capacity is anticipated to reach 18 million tons annually once it is finished.
Chairman Lakshmi Niwas Mittal emphasized the project’s significance in assisting India’s “Make in India” and “Atmanirbhar Bharat” efforts during his remarks at the groundbreaking event. Attending virtually, Prime Minister Narendra Modi described it as a turning point in the state’s industrial development.
The project, which would cover more than 5,400 acres, is anticipated to be operational by 2028 and provide a sizable number of jobs. According to Chief Minister N. Chandrababu Naidu, it would aid in making the area a significant center for steel and manufacturing.
Additionally, the factory is anticipated to increase India’s position in the global steel industry by boosting exports, transport networks, and ancillary businesses.
Source – The Print
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