ArcelorMittal Nippon Steel to set up steel plant in Odisha with Rs 1.02 lakh crore investment
Bhubaneswar (Odisha) [India], December 17 (ANI): ArcelorMittal Nippon Steel, a joint venture between the world's leading steel manufacturer ArcelorMittal and Nippon Steel in India, will set up an integrated steel plant in Kendrapara district of Odisha with an investment of Rs.1.02 lakh crore.
ANI
Dec 17, 2021 19:50 IST
Bhubaneswar (Odisha) [India], December 17 (ANI): ArcelorMittal Nippon Steel, a joint venture between the world's leading steel manufacturer ArcelorMittal and Nippon Steel in India, will set up an integrated steel plant in Kendrapara district of Odisha with an investment of Rs.1.02 lakh crore.
The integrated plant will have steel-making capacity of 24 million tonnes per annum and will generate 16,000 direct employments and significant indirect employment opportunities through ancillary and downstream industries and services.
A high-level clearance authority chaired by Odisha Chief Minister Naveen Patnaik on Friday gave approval to the proposal. The plant will be set up at Mahakalpara block of Kendrapara district in Odisha.
According to an official statement, the proposal, which is the "largest project in the manufacturing sector in the country" was approved at the 27th meeting of the High-Level Clearance Authority, held under the chairmanship of the Chief Minister.
"The approved project is the largest project in the manufacturing sector in the country. At its Kendrapara complex, Arcelor Mittal Nippon Steel (AM/NS) will produce 24 MT (million tonnes) of various grades of steel with its latest green steel making technology. It will also produce high value-added steel downstream products," the statement said.
This facility will also produce 18.75 million tonnes of cement annually, making it one of the largest cement manufacturing plants in the country, and will boost the infrastructure development in the region.
With this massive investment, Odisha has garnered investments worth Rs 2.70 lakh crore in the past 12 months, creating potential employment opportunities for over 1.6 lakh persons.
Along with the steel complex, the company will also develop a downstream industry park to promote the MSMEs and help import substitution. A large number of ancillary manufacturing companies are expected to put up their units in this region to support the huge steel-making facility. (ANI)
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