ArcelorMittal to invest Rs. 1 lakh crore in Gujarat.

The world's leading steel and mining conglomerate ArcelorMittal would invest Rs. 1,00,000 crore in different projects in Gujarat, including its steel plant at Hazira near Surat, a Gujarat government release said. ArcelorMittal Chairman Lakshmi Niwas Mittal along with the CEO of ArcelorMittal Nippon Steel India (AM/NS India), Dilip Oommen, called upon Gujarat Chief Minister Vijay Rupani at Gandhinagar on Friday, the release said.

During the meeting, Mittal "expressed his commitment to invest Rs. 50,000 crore for the expansion of Hazira-based steel plant", said the release.

Notably, AM/NS India had taken over the steel plant from Essar in 2019 following an insolvency proceeding initiated by lender banks.

According to the release, Mittal is also willing to invest another Rs. 50,000 crore in solar energy, wind energy and hydrogen gas production in Gujarat.

In all, the group would invest Rs. 1,00,000 crore in the near future in Gujarat, it said.

Rupani welcomed the decision and assured to provide all necessary help, the release said.

ET