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JV of ArcelorMittal and Nippon Steel to invest ?70,000 cr to add 8.2 mt capacity in phase one View More
New Delhi | Mumbai: AM/NS India , a joint venture of ArcelorMittal and Japan's Nippon Steel , will formally begin work on the country's largest greenfield steel plant on March 23 in Andhra Pradesh, expanding its manufacturing footprint to the southeastern coast. The company will invest about ₹70,000 crore to add 8.2 million tonnes of capacity in the first phase. The state government has allotted 2,200 acres for the project near Visakhapatnam port. Also Read: Adani Group-CIDCO JV premium airport partner for upcoming Airport 360 Expo AM/NS finalised the land deal in September 2024, and the timeline from proposal to commencement reflects "world-class execution," AM/NS India CEO Dilip Oommen told ET. "Our presence so far has been in western India, and we also wanted to cater to markets in the east and south," he said. Live Events Calling the process efficient, Oommen said the company submitted its land request on August 30, 2024, and received allotment on November 26-within two-and-a-half months. ET had first reported on November 3, 2024 that AM/NS was planning the Andhra Pradesh investment. "We have a host of downstream lines that will come up along with the upstream capacity," Oommen said. "All projects will start in close proximity, and the first units will be operational by end-2028 or early 2029." Also Read: Dixon gets govt nod for JV with China’s HKC Overseas Most of the project is expected to be completed or near completion by end-2030. The first phase will focus on flat steel products and downstream lines aimed at substituting imports. Proposed expansions AM/NS India currently has a capacity of 9 million tonnes at its Hazira plant in Gujarat, which is being expanded to 15 million tonnes. It also plans to set up an integrated steel plant in Odisha. For the Andhra Pradesh project, the state government has worked closely with the company to resolve initial challenges. AM/NS had sought permission to lay two additional pipelines to transport iron ore from the Bailadila mines through Chhattisgarh, Odisha and Andhra Pradesh. This had faced objections from NMDC, which already supplies ore via a 267-km slurry pipeline to AM/NS's pellet plant in Vizag. Andhra Pradesh industries and commerce secretary N. Yuvaraj said the chief minister intervened to facilitate a resolution between the companies. "AM/NS and NMDC have reached an understanding," he said, adding that the decision improves project viability. The company will lay two new pipelines along the existing route up to Narsipatnam, after which they will branch off towards the new plant. Around 75 km of new pipeline will be constructed. About 673 families have been affected by the project and are being rehabilitated. Yuvaraj said the state has gone beyond legal requirements by providing rental support during construction of new homes, along with subsidised steel and cement. Oommen described the rehabilitation process as "seamless." .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
`Well-oiled’ AP government is one of the reasons behind locating the Greenfiled plant in the State View More
Tata Steel is merging domestic units, such as NINL, to secure raw materials and boost efficiency within its profitable Indian core. Simultaneously, it is injecting $2 billion into its international arm to fund debt and a green transition in Europe. View More
The mainboard IPO was open for public subscription from Monday, March 9 to Wednesday, March 11. Rajputana Stainless IPO was subscribed 1.12 times during the bidding period, garnering bids worth ?285.72 crore from nearly 23,000 applications. View More
The vessel True ?Champion ?is carrying some 172,000 tonnes of Jimblebar Fines to Jaigarh in India View More
A significant cargo of BHP's Jimblebar Fines iron ore is now en route to India. This rare sale is happening because of discounts on the product. China, the world's largest buyer, had banned these specific iron ore fines. The vessel True Champion carries approximately 172,000 metric tons to Jaigarh, India. JSW Steel is the buyer for this shipment. View More
A cargo of BHP's Jimblebar Fines iron ore is heading to India in a rare sale driven by discounts on the product that was banned for sale in China, the world's largest buyer, as part of a contract dispute with the miner. * The vessel True Champion is carrying some 172,000 metric tons of Jimblebar Fines to Jaigarh in India, according to Kpler data. The buyer is JSW Steel, according to a source briefed on the sale * True Champion was destined for China on March 9, Kpler data showed, before changing its destination to Singapore and then India over the course of the last week * China's state iron ore buyer CMRG barred steelmakers and traders from purchasing Jimblebar fines in September, and has progressively expanded its restrictions to other products as it negotiates the terms of BHP's 2026 supply contract * CMRG relaxed the ban for a week last Friday, allowing steelmakers to buy Jimblebar cargoes already at Chinese ports. Seaborne cargoes are still banned .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Key stocks like Tata Steel, SBI, and Varun Beverages will be in focus on Wednesday due to significant corporate developments View More
Tesla is expanding ties with LG Energy Solution to include a $4.3 billion deal for U.S.-produced cells for energy storage systems from Michigan. View More
In this articleTSLAFollow your favorite stocksCREATE FREE ACCOUNT A Tesla Megapack battery at the Harmony Energy Ltd. and Fotowatio Renewable Ventures BV battery energy storage project near Burgess Hill, England, May 11, 2021.Chris Ratcliffe | Bloomberg | Getty Images Tesla is expanding ties with South Korea's LG Energy Solution, striking a deal to buy $4.3 billion worth of battery cells that will be made in Lansing, Michigan for use in its energy storage systems.The plant was formerly developed for a joint venture between LG and General Motors before the automaker decided to retreat from that initiative in late-2024, selling its stake to LG as part of a pullback in the automaker's electric vehicle investments. While Tesla still makes most of its revenue from EVs, the company is investing in its more rapidly growing energy business, as data centers drive up electricity demand. Tesla's Megapacks can store power produced using intermittent sources like solar or wind, or during off-peak hours, then make it available for use when demand is high. Tesla currently sells Powerwall backup batteries for residential use with its solar installations, and much larger Megapack and Megablock systems for utility-scale power storage. Last year, revenue in the company's energy segment increased 27% to $12.8 billion, accounting for 13% of total revenue. Total revenue dropped due to a 10% decline in the auto business. Details of the Tesla-LG partnership were announced during an Indo-Pacific Energy Security Summit in Japan, according to a release from the U.S. Department of the Interior. The Trump administration announced a total of $56 billion in private sector commitments at the event. A spokesman with LG Energy Solution said the company "will establish dedicated production lines at our Lansing facility to deliver on this agreement." LG last year retooled the facility to build LFP (lithium iron phosphate) prismatic cells, later confirming a $4.3 billion deal with an unnamed company. GM continues to have a significant presence in and around the Lansing battery plant, but the company has largely retrenched from the EV market, announcing $7.6 billion in related write-downs. Tesla, meanwhile, expects its energy business to "have very high growth for as far into the future as we can imagine," CEO Elon Musk said during the company's fourth-quarter earnings call in January. Chief Financial Officer Vaibhav Taneja cautioned that the energy segment expects "margin compression" from low-cost competition and the cost of tariffs. Tesla's competition includes companies like BYD in China and climate-tech startups like Form, which is making iron-air batteries, and others. WATCH: Why the EV factory boom in the U.S. south is suddenly in trouble watch nowVIDEO30:5330:53Why the EV factory boom in the U.S. south is suddenly in troubleAutos Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
In a strategic decision to enhance operational efficiency, Tata Steel's board has greenlit the merger of its subsidiary Neelachal Ispat Nigam into the parent company. This consolidation is designed to streamline operations and reduce expenses. Furthermore, Tata Steel has earmarked up to $2 billion for T Steel Holdings, aimed at bolstering overseas ventures and settling debts. View More
Mumbai: Tata Steel's board has approved the merger of its wholly owned subsidiary, Neelachal Ispat Nigam (NINL), with the company, as the steelmaker looks to simplify its structure, improve raw material security and optimise operational costs . The steel major has also approved an investment of up to $2 billion in T Steel Holdings, a wholly owned foreign subsidiary, by subscribing to its equity shares in one or more tranches from fiscal 2027. Tata Steel will invest around ₹18,488.10 crore in T Steel Holdings (TSHP), which will use these funds to support overseas subsidiaries for their business operations and for repayment or prepayment of existing debt in multiple tranches. Also Read: KC Ang quits as head of Tata Semiconductor Manufacturing Tata Steel acquired a majority stake in NINL in 2022, resuming operations at the plant later in the year. The company was acquired for ₹12,100 crore. "The proposed amalgamation will result in a simplification of the existing corporate structure and eliminate administrative duplications, consequently reducing the administrative costs of maintaining separate companies, while reducing multiple legal and regulatory compliances," Tata Steel said in an exchange filing. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
