Visakhapatnam, May 30 -- Arcelor Mittal-Nippon Steel India is set to receive incentives worth up to Rs 28,000 crore from the Andhra Pradesh government for the first phase of its upcoming integrated steel plant in Anakapalli, according to sources familiar with the development.

The steel major, which is the fourth-largest producer in the country, has begun land acquisition for the greenfield plant, which will have an initial production capacity of 7.3 million tonnes.

The first phase of the project will involve an investment of nearly Rs 56,000 crore and is expected to be completed by January 2029.

The incentives will be spread over 20 years and are subject to the company meeting specific conditions, including timelines for implementation...