"AM/NS India Inks ₹16,000-Crore Investment Pact with Gujarat Government"

ArcelorMittal Nippon Steel India Ltd (AM/NS India) has formalized a significant Memorandum of Understanding (MoU) valued at ₹16,000 crore with the Gujarat government, solidifying its commitment to substantial investments in the state. One of the key components of this agreement involves the establishment of a state-of-the-art ship-building and repair facility in Surat.

Earlier this month, AM/NS India had entered into three MoUs with the Gujarat Maritime Board. Notably, a ₹5,000-crore agreement was dedicated to the construction of a ship building and repair facility. This substantial investment is set to revitalize the shipbuilding sector in Gujarat, marking the largest commitment since the closure of ABG Shipyard in South Gujarat.

In addition to the ship-building venture, AM/NS India has inked agreements with the State government for the development of greenfield captive jetties in Surat, amounting to an additional ₹7,500 crore. In October, the company had already disclosed plans to construct a captive jetty with a capacity of 65 Million Metric Tonnes Per Annum (MMTPA) at Suvali in Shivrampur village near Hazira in Surat district.

All the pledged investments specified in the MoUs are exclusively directed towards Surat district, where AM/NS India currently operates a steel manufacturing unit. The company, however, declined to comment on the specifics of the investments.

Several other entities, including Essar Ports, Gujarat Pipavav Port Ltd, and HPCL Mittal Energy Ltd, have also entered into MoUs with the Gujarat Maritime Board, coinciding with the upcoming Vibrant Gujarat summit next month. Essar Ports, for instance, has committed to invest ₹10,000 crore in the Devbhumi Dwarka district for the establishment of a logistics hub.

Likewise, Gujarat Pipavav Port Ltd has sealed an MoU for the development of liquid berths, container berths, and a yard at the existing port in Pipavav, Amreli district, with an investment of ₹3,300 crore spread over the next decade. The Pipavav port, operated by APM Terminals, is strategically located 150 nautical miles from Nhava Sheva in Mumbai.

Further contributing to the array of agreements, HPCL Mittal Energy Ltd has entered into a ₹1,400 crore MoU for the development of captive jetties at Modhwa in the Kutch district. These collective initiatives underscore a significant boost to the industrial and maritime landscape of Gujarat, reflecting a surge in strategic investments across various sectors.

HBL