ArcelorMittal Nippon Steel India commissions new line at Hazira plant to produce high-strength steel
(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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
21 minutes ago
- Time of India
$565m credit line for Maldives, talks on free trade pact
PM Modi and President of the Maldives Mohamed Muizzu (Pic credit: AP) The turnaround in India-Maldives ties in the past 10 months - following the acrimonious removal of Indian military personnel from the strategically located country - seemed complete as India announced a fresh $565 million line of credit (LoC) for the Indian Ocean neighbour and signed an agreement to reduce its annual debt repayment burden by 40%. As President Mohamed Muizzu hosted PM Modi for the latter's first visit to the country under his presidency, receiving Modi at the airport, both sides affirmed their commitment to a bilateral investment pact and a free trade agreement, for which the terms of reference were finalised. Seven MoUs and agreements were signed. Muizzu had invited Modi as the guest of honour for the Maldivian independence day celebrations. India had extended an $800 million LoC in 2019 under the previous pro-India Maldivian Democratic Party govt but on this occasion the LoC is in Indian currency (Rs 4,850 crore). PM: India & Maldives will soon finalise an investment treaty The president said after his meeting with Narendra Modi it will be used for priority projects in defence, healthcare, education and housing. Foreign secretary Vikram Misri said Muizzu reiterated the Maldives's condemnation of the Pahalgam attack. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like They Were So Beautiful Before; Now Look At Them; Number 10 Will Shock You Reportingly Undo Muizzu has been seen as a pro-China leader in the past because of his association with the India Out campaign while in the opposition, and his insistence on driving out Indian military from the archipelago after taking over as president in Nov 2023. Muizzu travelled to India in Oct last year for an official visit, during which he said Maldives would do nothing to hurt India's security interests and would prioritise the relationship. The leaders then launched a Comprehensive Economic and Maritime Security Partnership to resuscitate the relationship. Modi said India is proud of the fact that it's Maldives's most reliable partner and that for India, it's always friendship first. "To give a new impetus to our development partnership, we have decided to provide a line of credit of $565 million, or approximately Rs 5,000 crore, to Maldives. It will be used for projects related to infrastructure development in line with the priorities of the people of Maldives," said Modi, calling the relationship older than history and as deep as oceans. One of the agreements signed is expected to bring down Male's annual LoC debt repayment from $51 million to $29 million. Modi said that both countries will soon finalise a bilateral investment treaty and their target now is "from paperwork to prosperity", adding a local currency settlement system under discussion will facilitate trade. There was focus on defence and security cooperation as the new defence ministry building built with Indian assistance was inaugurated. Asked whether there was any discussion about China, Misri said in a press briefing that India continued to work very closely with the Maldives on any issue that might "impinge on not just our security but our common security in this region that we share". Modi will participate in the independence day celebrations on Saturday and meet political functionaries. The visit saw the leaders virtually inaugurating a roads and drainage system project in Addu city and six high impact community development projects in other cities.
Time of India
25 minutes ago
- Time of India
No immediate plans for ITC Infotech's demerger, says Puri
1 2 3 Kolkata: There is no clear plan for the demerger of ITC Infotech at present, Sanjiv Puri, chairman and MD of the conglomerate, said on Friday at ITC's first AGM following the demerger of the hotels business. However, nothing is cast in stone, Puri added. Replying to shareholders at ITC's 114th AGM, Puri said the company was planning to invest Rs 20,000 crore across various segments in the medium term. Speaking on the future plans for ITC Infotech, he said it "continued to make progress". "Demerger depends on the business strategy of an organisation. We look at the pros and cons of the current structure; whatever is best, we would go for shareholders' approval," he said. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata Puri said a lot of things have been developed in ITC by leveraging in-house capabilities, like the food-tech business, where it has used the capabilities of food, hotel and digital businesses. The ITC chairman said there has always been a debate about whether a conglomerate structure gives better returns to stakeholders or a standalone structure. A recent study revealed that in 50% of cases, a conglomerate structure gave better value, he added. ITC shares performed well in the last 2-3 years compared to the benchmark, he said. Puri said in the medium term, the conglomerate would invest Rs 20,000 crore, while it invested Rs 4,500 crore across categories in the last two years. "We are indeed navigating a critical TURN, a pivotal inflection point shaped by Turbulence, Uncertainty and Rapid change that calls for Novel strategies, innovation and solutions to reimagine the future. This underscores the imperative to redefine growth and competitiveness, build resilience and adopt a new paradigm of compassionate capitalism," he said. Puri also stressed the need for creating a future-ready portfolio and the need to build anti-fragile supply chains. Elaborating on the components of ITC Next, Puri added that a new vector of growth envisioned in the ITC Next strategy was the company's food-tech business. "A delectable range of cuisines is today being offered under four brands: 'ITC Master Chef Creations', 'ITC Aashirvaad Soul Creations', 'ITC Sunfeast Baked Creations' and 'Sansho by ITC Master Chef'. This business registered a CAGR of 108% in the three years since inception, setting new benchmarks in culinary innovation and tech-enabled operations, gaining an increasing consumer franchise. The full-stack food-tech platform has already scaled up to 60 cloud kitchens across five cities and is now being progressively introduced across India," he said.
United News of India
38 minutes ago
- United News of India
Maha CM meets several leaders in Delhi for state development projects
Mumbai / New Delhi, July 25 (UNI) In pursuit of various development projects for Maharashtra, Chief Minister Devendra Fadnavis held meetings with several key leaders in Delhi over the past two days. He met with Union Ministers Amit Shah, J.P. Nadda, Rajnath Singh, Nirmala Sitharaman, Shivraj Singh Chouhan, Manohar Lal Khattar, and officials from NITI Aayog. Fadnavis today paid courtesy visits to Minister Shah at Parliament House and to Minister Singh. They discussed various projects and issues concerning Maharashtra. The meeting with Shah lasted around 25 minutes. Fadnavis also met with Manohar Lal Khattar and Haryana CM Nayab Singh Saini. He also met with Minister Sitharaman and requested approvals from the Department of Economic Affairs for funding from international financial institutions for various projects. Ms Sitharaman praised Maharashtra for maintaining excellent financial health by all standards. Fadnavis also held discussions on various projects which includes concrete roads to villages with a population of 1,000: US$1 billion (approximately Rs 8,651 crore) requested from the Asian Development Bank. Coastal protection using natural methods due to rising sea levels: US $500 million (approx. Rs 4,326 crore). Sewage treatment and reuse in municipal cities for industries: $500 million (approx. ₹4,326 crore). Two more projects were proposed for World Bank assistance. Ms Sitharaman directed officials to move ahead with approvals. Finance Secretary Anuradha Thakur, Chief Economic Adviser Praveen Pardeshi, and Principal Secretary to the CM Ashwini Bhide were present. During the meeting with J.P. Nadda, CM Fadnavis held discussions on setting up a large fertilizer plant in Vidarbha. The proposed project, a joint venture between GAIL, the Fertilizer Department, and the Maharashtra government, to be established in Nagpur district and have a capacity of 1.27 million tonnes. It would require 10,000 crore in investment. Maharashtra has submitted a proposal to the Union Ministry of Rural Development to construct 14,000 km of roads worth US$2.6 billion (approx. Rs 22,490 crore). Funding from ADB is planned. These roads will be maintenance-free for 25 years. Shivraj Singh Chouhan emphasized that this would greatly benefit farmers by improving connectivity. Fadnavis requested support for the project. Chouhan also congratulated Maharashtra for rapid progress in the Pradhan Mantri Awas Yojana survey work. Maharashtra has had the highest number of housing approvals in the country—three million. CM Fadnavis met NITI Aayog CEO B V RSubrahmanyam and member Rajiv Gauba. They appreciated that Maharashtra maintained its fiscal deficit at 18 percent, well below the FRBM limit of 25 percent. UNI SP AAA SS
