AM/NS India Signs Shareholders’ Agreement To upgrade Five Government ITIs In Gujarat Under PM-SETU

Surat (Gujarat) [India], October 12: ArcelorMittal Nippon Steel India (AM/NS India), a joint venture between ArcelorMittal and Nippon Steel, has signed a Shareholders’ Agreement (SHA) with the Government of India and the Government of Gujarat to upgrade five Government Industrial Training Institutes (ITIs) in the Surat cluster under the Pradhan Mantri Skilling and Employability Transformation through Upgraded ITIs (PM-SETU) scheme.

The SHA now formalises how AM/NS India, the Centre and the Government of Gujarat will work together to take the approved investment plan towards implementation. As the next step, a dedicated Special Purpose Vehicle (SPV) will be formed to manage the ITI upgrades and operations. AM/NS India will hold 51% ownership, while the Centre and the Government of Gujarat will hold 24.5% each.

The signing marks a key step in translating the approved Strategic Investment Plan for the Surat cluster into improvements in training facilities, courses and teaching. The plan sets out the proposed upgrades and investment.

With an approved investment of Rs 240 crore, the project aims to strengthen the employability of young people studying at the five ITIs. Better training facilities, updated courses and more hands-on learning will help students develop practical skills for jobs in manufacturing and related industries in the region.