27-05-2025
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.
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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 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 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 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 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 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.
