Davos, Switzerland: The World Economic Forum (WEF) Summit kicked off in grand fashion at the Davos Congress Center, bringing together global leaders, business magnates, and policymakers for a week of discussions on economic development and global challenges.
Representing India at the summit were Nara Lokesh, Andhra Pradesh’s State Minister for Education, IT, and Electronics, Union Minister Ram Mohan Naidu, along with Andhra Pradesh Chief Minister Chandrababu Naidu and State Industries Minister T.G. Bharat.
Following the official opening at 8 PM Zurich time, the Andhra Pradesh team hosted a networking dinner aimed at showcasing the state’s investment-friendly environment. The team emphasized Andhra Pradesh’s potential as a hub for innovation, industrial growth, and collaboration opportunities for manufacturers.
Advocating for Investment in Bhavanapadu
During the event, Minister Nara Lokesh addressed global businessman Lakshmi Mittal, Chairman of the Mittal Group, urging him to invest in transforming Bhavanapadu into a premier petrochemical center. Lokesh highlighted the region’s strategic benefits, such as its projected port capacity of 83.3 million tons per annum (MTPA), robust infrastructure, and the establishment of the Indian Institute of Petroleum and Energy in Vizag.
The Minister emphasized the state’s capacity for manufacturing, research, development, and logistics in the petrochemical and renewable energy sectors, all underpinned by a stable, investment-friendly administration.
Proposed Solar Cell Manufacturing Facility
Lokesh also proposed the establishment of a 2 GW solar cell manufacturing facility in Andhra Pradesh, requiring an investment of Rs 3,500 crore. This initiative, supported by HPCL and Mittal Green Energy Limited under the joint venture HMEL, is expected to create 2,000 job opportunities. The state government has promised to provide robust support for the project.
Mittal’s Investments in Andhra Pradesh
Lakshmi Mittal shared updates on ArcelorMittal’s ongoing projects in Andhra Pradesh, particularly a Greenfield steel plant in partnership with Japan’s Nippon Steel. The Rs 1.4 lakh crore project, planned in two phases, will have a steel production capacity of 17.8 million tons at Anakapalli. Mittal confirmed that all necessary permits, including a Government Order issued on November 26, 2024, have been secured for the project.
In addition to the steel project, Mittal also discussed his company’s renewable energy efforts, including a collaboration with Greenko to set up 975 MW of solar and wind energy capacity. This energy will power the Anakapalli steel production, reducing carbon emissions by 1.5 million tons annually.
Commitment to Sustainable Energy
Mittal also pledged a 1 MT Green Ammonia project in Kakinada, reinforcing Andhra Pradesh’s commitment to sustainable energy solutions. Minister Nara Lokesh expressed appreciation for Mittal’s substantial investments in the state and reiterated Andhra Pradesh’s commitment to fostering industrial development, with a focus on renewable energy and sustainable growth.
The meeting, attended by Kumar Aditya Mittal, Union Minister Ram Mohan Naidu, State Industries Minister T.G. Bharat, and AP Economic Development Board CEO Saikant Varma, marked a significant step forward in strengthening Andhra Pradesh’s industrial and renewable energy sectors. The talks are expected to further solidify the state’s position as a key player in India’s economic development.