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ArcelorMittal Nippon Steel India (AM/NS) will invest Rs 1 lakh crore in Gujarat for capacity expansion of its existing steel plant and renewable energy space.
A Gujarat Government statement informed that the global steel giant ArcelorMittal chief Lakshmi N Mittal and AM/NS CEO Dilip Oommen met Gujarat Chief Minister Vijay Rupani in Gandhinagar on Friday and committed the fresh investments.
The Gujarat government statement stated that the group will invest additional ₹50,000 crore for their Hazira plant expansion and ₹50,000 crore for hydrogen gas and renewable energy field.
"During the meeting with the Chief Minister, ArcelorMittal Chairman LN Mittal expressed his commitment to invest a total of Rs 1 lakh crore in Gujarat in the coming days," said a State government statement .
"Responding positively, Chief Minister assured the necessary help from the state government and welcomed him for this investment," the statement added.
LN Mittal had visited Rupani last year in July and had announced his commitment to invest ₹20,000 crore to further enhance its capacity at Hazira.
ArcelorMittal and Nippon Steel, through their joint entity - ArcelorMittal Nippon Steel India (AMNS) had acquired bankrupt Essar Steel India Ltd (ESIL)'s steel facility at Hazira by paying ₹50,000 crore in December 2019, after a long-drawn legal battle at the National Company Law Tribunal (NCLT) which ended with a Supreme Court order in favour of the global steel giant.
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