logo
ArcelorMittal Nippon Steel India commissions new line at Hazira plant to produce high-strength steel

ArcelorMittal Nippon Steel India commissions new line at Hazira plant to produce high-strength steel

Time of India16-07-2025
Live Events
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
New Delhi: ArcelorMittal Nippon Steel India ( AMNS India ) on Wednesday commissioned a new production line at its Hazira plant in Gujarat to produce high-strength steel for the automotive sector The new continuous galvanising line (CGL) has been set up as part of the ongoing Rs 60,000 crore investment plan at the Gujarat plant. The CGL line is capable of producing Advanced High-Strength Steel (AHSS) with strength levels up to 1180 megapascals (MPa) - essential for exceptional safety, durability, and sustainability for evolving automotive applications, the company said in a statement.With the latest development, AMNS India said it has become the first company in India to produce the highest strength steel for the automotive sector.The modern unit is part of the company's ambitious Rs 60,000-crore expansion project, inaugurated by Prime Minister Narendra Modi, under which the Hazira steel plant's capacity is being scaled up to 15 million tonnes (MT) from 9 MT.In a virtual interaction, AMNS India CEO Dilip Oommen said, "We can proudly say that the new line and upcoming facilities are designed to produce steel that matches the quality of offerings currently available in developed nations."Over the years, AMNS India has strengthened its ability to deliver world-class products, including the highest-strength steel ever produced in India to meet the evolving needs of the automotive sector. Indigenous production from this unique line will contribute meaningfully towards the country's self-reliance goal, he said.On the Hazira expansion project, the company said it is progressing well with a goal of reaching 24 MTPA, including both upstream and downstream steelmaking capabilities.Separately, the company will set up an integrated steel plant in Andhra Pradesh, where it has initiated the land acquisition process. Plans are also on track to set up integrated steel plants in Odisha, where the company has a significant presence. AMNS India is a 60:40 joint venture company of Luxembourg-based ArcelorMittal and Nippon Steel of Japan.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Gangaikonda Cholapuram committee hails announcement of grand statues for Chola emperors
Gangaikonda Cholapuram committee hails announcement of grand statues for Chola emperors

Hans India

time21 minutes ago

  • Hans India

Gangaikonda Cholapuram committee hails announcement of grand statues for Chola emperors

Prime Minister Narendra Modi on Sunday offered prayers at the ancient Shiva temple of Gangaikonda Cholapuram in Tamil Nadu and also announced that grand statues of Chola emperors Rajaraja Chola and Rajendra Chola will be erected to honour their contributions to Indian history and culture. The Prime Minister's promise of constructing new and grand statues of Chola emperors has been welcomed and deeply appreciated by Gangaikonda Cholapuram Development Committee. Gomagan, the president of Gangaikonda Cholapuram development committee expressed his gratitude to the Prime Minister and said that this is a joyous moment for all of us. 'The visit of PM Modi to Gangaikonda Cholapuram is a joyous event for all of us. Since 2014, we have been celebrating the Aadi Thiruvathirai festival on behalf of the Gangaikonda Cholapuram development committee. In this context, we express our gratitude to Chief Minister Stalin for recognizing the Aadi Thiruvathirai festival as a state festival from the year 2022,' he said. He further said: "We thank PM Modi for his pledge to build a grand statue for Rajendra Chola, who is renowned for constructing a large navy amongst Indian kings and for leading Naval campaigns in the Southeast Asia." A special tribute was also paid to Rajendra Chola with the release of Rs 1,000 coin featuring his likeness, which brings pride and joy to all of us, Gangaikonda Cholapuram committee further said. Speaking during a special function at the historic Gangaikonda Cholapuram temple in Ariyalur district, PM Modi said that the Chola empire represented a golden era of India, marked by achievements in architecture, governance, diplomacy, trade, and cultural integration. 'The Cholas established strong political and trade ties with Sri Lanka, the Maldives, and Southeast Asia. It is a coincidence that I returned from the Maldives yesterday, and today I stand here in the land once ruled by these visionary kings,' he remarked.

Zolostays' first investor Nexus Venture to check out after a decade
Zolostays' first investor Nexus Venture to check out after a decade

Mint

time21 minutes ago

  • Mint

Zolostays' first investor Nexus Venture to check out after a decade

MUMBAI : Ten years after placing its early bet on Zolostays, Nexus Venture Partners is preparing to exit the co-living firm, according to three people in the know. The startup, now valued at about ₹1,500–1,600 crore, has trimmed its non-core operations and is courting new investors, as it looks to scale in the competitive premium co-living space. 'Nexus has initiated talks with several VC (venture capital) funds and some strategics. It is looking to sell its entire 27% stake," one of the persons cited above said. The Bengaluru-based startup, which has raised about $113 million so far from a clutch of investors through debt and equity, has been struggling to grow beyond its core markets. The company had recently sold its student housing business that manages accommodation for colleges and universities to Good Host Spaces for $12.5 million. Zolostays said this sale was a part of the strategy to focus on its core business of managing co-living spaces. At that time, the company had said that the proceeds from the sale will allow it to concentrate on its main business activities, improve cash flow, strengthen overall financial health, and bring higher operational efficiencies. As per data available with Tracxn, Zolostays' fundraising includes a $56 million Series C round led by Investcorp and Mirae Asset. The company had also raised about $30 million in 2019 from investors led by IDFC Alternatives, Mirae Asset and Nexus Venture. Nexus VP has been one of Zolostays' biggest backers, having invested in the company since 2015. 'Nexus has stayed its course in the company and is now looking to sell," said the second person familiar with the development. When contacted, a Zolostays spokesperson denied there was any deal imminent. A Nexus Venture spokesperson did not respond to emailed queries. Founded in 2015 by Nikhil Sikri, Akhil Sikri and Sneha Choudhry, Zolostays had started out with a $1 million funding from Nexus Venture. Akhil Sikri left the company in 2023, and is now the chief technology officer at Apsona, a SaaS firm. A third person in the know pegged the company's valuation at ₹1,500-1,600 crore. Zolostays provides premium co-living spaces to students, professionals and organizations, and it operates in more than 10 cities. As per Entrackr, Zolostays recorded an 11.4% year-on-year (y-o-y) growth in revenue to ₹204.4 crore during FY24, while its losses narrowed by 17.4% to ₹57 crore. The company is yet to detail its financials for the last fiscal. According to a Nasscom blog published in May, the demand for co-living spaces and stock for 2025 are estimated at 6.6 million and 0.3 million beds, respectively. Penetration for the sector is likely to improve from 5% in 2025 to over 10% by 2030, it said. 'India's co-living market is on an upward growth trajectory, with demand rebounding strongly in recent years and operators gearing up for expansion across Tier-I cities and select Tier-II cities," the blog said. "The resurgence of the sector is being fueled by rapid urbanization and migration to cities, especially amongst students and young professionals who continue to seek flexible, relatively affordable, community-driven, and hassle-free housing options," it said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store