India’s Essar Group has submitted a proposal to the Gujarat state government to set up an 8mn mt annual capacity steel plant. The company has sought land from the state government for the plant. The company’s other plans consist of building commercial port, EV Vehicles and Lithium ion battery manufacturing facilities, according to media reports. Total investment plan is for around $5bn.
Essar had earlier built a steel plant at Hazira, which failed to remain afloat. The 10mn mt capacity, debt-ridden plant was taken over by ArcelorMittal and Nippon Steel JV to be named as AM/NS. The JV is also in talks with the Gujarat state government for additional land which could help them enter the long steel market. The project, however, is still in its nascent state.