ArcelorMittal Nippon Steel to invest ₹1 trn to set up 24 MTPA integrated steel plant in Odisha
Premium- World’s largest steel company ArcelorMittal has come back with big investment plan for setting up a greenfield steel facility in India
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NEW DELHI : The world’s second largest steelmaker Arcelor Mittal Nippon Steel will invest ₹1 trillion to set up a 24 million tonne per annum (mtpa) integrated greenfield steel facility in Kendrapara, Odisha.
The high-level clearance authority, headed by chief minister Naveen Patnaik, has approved the plan submitted by Arcelor Mittal Nippon Steel to set up the plant, which will offer 16,000 jobs, besides creating indirect employment opportunities through ancillary and downstream industries and services.
The state government said that the approved project will be the largest one in a manufacturing facility in India. At its Kendrapara complex, it will produce various grades of steel through the use of the latest green steel-making technology. It will also produce value-added steel products.
Additionally, the facility will produce 18.75 mt of cement annually, making it one of the largest cement manufacturing units in India. It will help the infrastructure development in the region, the state government added.
The company will develop a downstream industry park to promote small and medium businesses to help import substitution.
The project will be completed in seven years in phases, and the state will focus on extensive socioeconomic development across the region.
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A large number of ancillary manufacturing companies are expected to set up shop to support the huge steel making facility, the government said.
