PM-SETU Achieves Another Milestone with Signing of Shareholders' Agreements for Surat and Visakhapatnam Clusters; ₹440 Crore Approved for Upgradation of Nine Government ITIs

Under the Pradhan Mantri Skilling and Employability Transformation through Upgraded ITIs (PM-SETU) scheme, Shareholders' Agreements have been signed for upgrading Government Industrial Training Institutes in Surat, Gujarat, and Visakhapatnam, Andhra Pradesh, in partnership with ArcelorMittal Nippon Steel India (AM/NS India). The partnership involves an approved investment of approximately ₹440 crore—₹240 crore for Surat and ₹200 crore for Visakhapatnam—covering nine government ITIs in total. Special Purpose Vehicles will be established where AM/NS India holds a 51% stake and the Central and respective State Governments each hold 24.5% equity participation. The initiative aims to modernize infrastructure, introduce new-age trades, and upgrade curricula through industry-academia collaboration.