ArcelorMittal on Thursday signed a Memorandum of Understanding with the Gujarat Government to invest in six projects. MoUs were signed as a part of the 10th Vibrant Gujarat Global summit. The MoUs promise an investment of Rs 1.66 lakh crore and employment of around 1.80 lakh.
The MoUs were signed in the presence of Gujarat Chief Minister Bhupendra Patel. MoUs were signed by the CEO of ArcelorMittal Dilip Oommen and Additional Chief Secretary of Industries-Gujarat Government, Rajiv Gupta.
Investment Details:
According to these MoUs, a total of six projects will receive huge investments from ArcelorMittal Group. One such project will be an expansion and modernization of the current facility at Hazira with an investment of Rs 4200 crore, other one is the capacity expansion of the steel plant from 8.6 MMTPA to 18 million metric tons per annum with an investment of Rs. 45,000 crore, Surat’s Suvali plant expansion worth Rs 30,000 crore and Steel City & Industrial cluster in Surat’s Kidiabet where Rs 30,000 crore worth of investment will be made are other investments by the group.
ArcelorMittal will invest around Rs 40,000 crore in their partnership with Nippon Steel and will come up with a 10 Gigawatt Renewable Power Generation Plant which will include Hybrid, Solar, and Wind Energy. In the first instalment of this project, a 2200 megawatt plant will be set up at Bhavnagar’s Kana Talav.
ArcelorMittal will invest Rs 17,000 crore in Surat’s Hazira to come up with one downstream coke oven project. These all projects will attract investment of Rs 1.66 lakh and will give employment to around 1.80 lakh people. Gujarat Government will provide all necessary support to the group.
At this MoU signing ceremony with Chief Minister Bhupendra Patel, Chief Principal Secretary K. Kailashnathan, Industry Commissioner Rahul Gupta and Senior Executives of the group were also present.
