AM/NS India launches Rs 10 billion steel line for solar panel manufacturers
Author: PPD Team Date: 21/09/2024
ArcelorMittal Nippon Steel (AM/NS) India has launched a value-added steel line, Magnelis, with an investment of nearly Rs 10 billion at its Hazira plant in Gujarat. The production line, with a capacity of 500,000 tonnes per annum, is aimed at solar panel manufacturers. The company is in talks with major customers like Adani Green Energy, Reliance Industries, Sterling & Wilson, and NTPC.
AM/NS is also planning a new steel line for the automotive sector by early 2025. It aims to double its India capacity from 8.5 million tonnes to 15.6 million tonnes by next year, eventually reaching 24 million tonnes. The company’s expansion includes building the world’s largest integrated steel plant in Hazira and growing operations in East India. The new product lines, including Magnelis, are supported by the production-linked incentive (PLI) scheme for speciality steel.