AM/NS India signs ₹16,000-cr investment deal with Gujarat govt

Source: The Hindu Businessline

Steel-manufacturer ArcelorMittal Nippon Steel India Ltd (AM/NS India) has signed Memorandum of Understanding worth ₹16,000 crore with the Gujarat government. The agreements include an investment for the construction of a ship-building and repair facility at Surat.

The company had signed three MoUs with the Gujarat Maritime Board earlier this month, which includes a ₹5,000-crore agreement to build a ship building and repair facility. This will be the largest investment to be promised for the ship building sector in Gujarat after ABG Shipyard downed its shutters in South Gujarat.

AM/NS India has also inked agreements with the State government to develop greenfield captive jetties in Surat at an additional ₹7,500 crore. In October, the company had announced its decision to build a captive jetty having capacity of 65 Million Metric Tonnes Per Annum (MMTPA) at Suvali in Shivrampur village near Hazira in Surat district. 

All the promised investments mentioned in the MoUs by the company are for Surat district, where it operates a steel manufacturing unit. The company refused to comment on the investments. Other entities such as Essar Ports, Gujarat Pipavav Port Ltd and HPCL Mittal Energy Ltd have also signed MoUs with GMB, in the run-up to the Vibrant Gujarat summit next month. Essar Ports has inked an agreement to invest ₹10,000 crore in Devbhumi Dwarka district for a logistics hub.