AM/NS India to get Rs 28,000 crore sop from Andhra Pradesh for new steel plant
Andhra Pradesh government is set to provide incentives to Arcelor Mittal Nippon Steel (AM/NS) India. The incentives are worth up to Rs 28,000 crore. This is for the first phase of their integrated steel plant in the state. The plant will be located in Anakapalli. The initial capacity will be 7.3 million tonnes.
Tired of too many ads?
Remove Ads
Mumbai: AM/NS India is set to get incentives worth up to Rs 28,000 crore from the government of Andhra Pradesh for the first phase of the integrated steel plant the company plans to set up in the state, sources aware of the development said.AM/NS, the fourth-largest producer of steel in the country, has begun the land acquisition process at Anakapalli in Andhra Pradesh, where its greenfield plant will have an initial capacity of 7.3 million tonnes.These incentives will be spread over a period of 20 years, and contingent upon the company sticking to definite timelines for implementing the project, the investment involved and the number of jobs it is expected to generate, they said.The incentives planned include exemption of stamp duty and registration fees for the land purchased, 100% reimbursement of net State and Goods Services Tax and sales for a period of 15 years and an exemption on electricity duty for a period of 15 years.Other incentives to be provided by the state government include the reimbursement of power at a rupee per unit for a period of 15 years, and supply of industrial water at 50 rupees per KL for a period of 10 years.The steel producer will invest close to Rs 56,000 crore in the first phase, which is expected to be completed by January 2029, sources said. The first phase will be spread across approximately 2,200 acres, with a township planned across a stretch of an additional 440 acres.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
35 minutes ago
- Hans India
Tripura: Authorities get strict as 60 per cent consumers found not paying power bills
Agartala: Around 60 per cent electricity consumers in Tripura do not pay energy bills, forcing the authorities to take drastic steps including disconnection of power lines and imposition of hefty fines against the defaulters, an official said on Saturday. A senior official of the Tripura State Electricity Corporation Limited (TSECL) said that out of 9.87 lakh electricity consumers in the state, only 4.32 lakh customers are paying their bills on time. 'Lakhs of electricity consumers, mostly in rural and interior areas, do not pay their electricity bills. We have imposed a hefty fine and disconnected electric lines of the defaulters,' the official said. He said that during the past two years, the electricity lines of thousands of default consumers were disconnected. 'In many occasions, the TSECL engineers and workers were attacked or prevented when they went to disconnect the power lines of default consumers,' the official said. Tripura Power and Agriculture Minister Ratan Lal Nath earlier said that the TSECL has undertaken a massive effort across the state to install rooftop solar power plants in thousands of homes under the PM Surya Ghar Muft Bijli Yojana, a central scheme encouraging rooftop solar power adoption through generous subsidies. Under the scheme, residents can install rooftop solar panels and not only reduce their electricity expenses to zero but also earn refunds for surplus energy supplied back to the grid, the Minister had said. 'My last power bill before installing the solar plant was Rs 8,726. Now, after switching to solar, I received a refund of Rs 763 from TSECL,' Nath said. The TSECL purchasing power from the solar power suppliers at Rs 2.65 per unit the Minister had said adding that over 300 households have installed rooftop solar plants so far in Tripura and thousands of families registered their names seeking to install such solar plants under the PM Surya Ghar Muft Bijli Yojana. Nath on Friday said that the TSECL is contemplating to use drones and other technologies to detect power theft, power loss and illegal hook line usage in the state. The Minister urged the people to pay electricity bills on time and help the corporation to ensure steady power supply by discouraging theft and wastage. Tripura has been a power surplus state since 2011 and supplies electricity to other northeastern states and neighbouring Bangladesh from its several gas-based power plants.
Time of India
41 minutes ago
- Time of India
Gujarat chief minister inaugurates Infosys development centre at GIFT City
Ahmedabad: Gujarat chief minister Bhupendra Patel on Friday inaugurated a new Infosys development centre at GIFT City, Gandhinagar, built with an investment of Rs 32 crore. The facility will focus on fintech-driven solutions leveraging artificial intelligence, data analytics, blockchain, and cloud technologies. With a target to employ at least 1,000 professionals, the centre aims to provide advanced digital infrastructure and develop AI-powered tools for global financial institutions, including solutions for digital payments, smart contracts, and asset tokenisation, according to the state govt. "Gujarat is committed to building a robust AI ecosystem. We are poised to lead India's transition into a knowledge-based economy. The establishment of an AI Centre of Excellence in GIFT City would foster collaboration among professionals, experts, and startups," said Patel. Gujarat has actively promoted AI, semiconductor, and electronics sectors and is ready to emerge as a global soft power, the CM explained. Last month, Chennai-headquartered tech giant Cognizant also opened its techfin centre in GIFT City, Gandhinagar, which is also home to giants like Bank of America, Google, and IBM, among others. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất IC Markets Đăng ký Undo Infosys CEO Jayesh Sanghrajka highlighted the company's four-decade journey and its global presence across 56 countries, supported by a workforce of over 3.2 lakh. He noted that Infosys was consistently recognised as one of India's best workplaces, especially for women.
Hans India
an hour ago
- Hans India
Uttarakhand: Chamoli farmers reap benefits of PM-KISAN scheme, thank central govt
Chamoli (Uttarakhand): Farmers in Uttarakhand's district of Chamoli are witnessing tangible economic improvements, thanks to the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme, a flagship initiative of the Central Government that provides direct financial support to small and marginal farmers. Under this ambitious scheme, eligible farmers receive Rs 6,000 annually in three equal installments of Rs 2,000, directly credited to their bank accounts through Direct Benefit Transfer (DBT). To date, Prime Minister Narendra Modi has released 19 installments under the scheme, and Chamoli has not remained untouched by its impact. According to official data, 48,664 farmers in the district are actively benefiting from PM-KISAN. The scheme has not only eased the financial burden of farmers but has also contributed significantly to agricultural productivity and self-reliance. IANS visited Chamoli and spoke with several beneficiaries to understand how this initiative has impacted their lives. Hori Lal, a beneficiary, expressed gratitude for the assistance: 'I am getting money under this scheme. I want to thank the central government. It has really helped us.' Harish Lal, another farmer, said, 'This money helps us buy seeds and pesticides. I want to thank PM Modi for bringing such a scheme to life.' Pradeep Kumar echoed similar sentiments, saying, 'I am receiving the money in regular instalments. It's a big help for farmers like us. Thank you to the Prime Minister.' PM-KISAN, launched in 2019, is designed to supplement farmers' incomes. It aims to ensure dignified livelihoods, reduce dependence on informal credit, and boost agricultural efficiency. The transparency and reliability of DBT ensure that the funds reach the intended beneficiaries on time, without middlemen or delays. The latest, 19th instalment was released in February 2025 and benefited more than 9.8 crore farmers across the country, including 2.4 crore women. Earlier, instalments were disbursed in October 2024 and June 2024. With the 20th instalment expected in June 2025, anticipation is building among farmers as the scheme continues to support their efforts on the ground. Though the official release date and location are yet to be announced, it is expected that Prime Minister Modi will again preside over the disbursement ceremony.
