The ArcelorMittal Nippon Steel India's plant, initiated through the efforts of HRD and IT Minister Nara Lokesh, will be established in Nakkapalli mandal of Anakapalli district at a cost of Rs 1,47,162 crore.
Industries Minister TG Bharath stated that the plant, set up in two phases, will generate employment for nearly one lakh people. The Integrated Steel Plant, with a total production capacity of 17.8 million tpa, will see an investment of Rs 61,780 crore in the first phase for 7.3 million tonne and Rs 85,382 crore in the second phase for 10.5 million tonne.
The IT Minister and Aditya Mittal discussed the project during the 2018 World Economic Forum in Davos, but plans stalled after the 2019 government change.
The steel plant is poised to become India's largest, further attracting investments into the state.