This Article is From Mar 04, 2021

ArcelorMittal To Invest Rs 50,000 Crore To Set Up Steel Plant In Odisha

A Memorandum of Understanding was signed between the Odisha Government and ArcelorMittal Nippon Steel for setting up a 12 million tonne steel plant in the Kendrapara district

ArcelorMittal To Invest Rs 50,000 Crore To Set Up Steel Plant In Odisha

The pact is for setting up a 12 million tonne integrated steel plant in Kendrapara district

A Memorandum of Understanding (MoU) was signed on Thursday between the Government of Odisha and ArcelorMittal Nippon Steel for setting up a 12 million tonne integrated steel plant in Kendrapara district of Odisha with an investment of Rs 50,000 crores. Odisha Chief Minister Naveen Patnaik and ArcelorMittal Chairperson and CEO Lakshmi Vilas Mittal have signed the deal. Today, Union Minister of Petroleum and Natural Gas Dharmendra Pradhan had said Odisha's long coastline is going to be the epicentre for the development of India.

"The government-led initiatives in the petroleum and steel sectors will provide impetus to the maritime economy in Odisha. Integration of crucial infrastructures like road, rail and port will lead to the industrial development of the state. Potential for the port-led blue economy will be unlocked with the multi-modal rail, road and air linkages with sea and riverine ports for transport of minerals and goods at much lower logistics cost," he added.

Similarly, on February 28, 2020, Pradhan had said that Odisha would be made a nerve center in the steel sector. He participated in the workshop on "Enabling procedures for the increase of steel used for the growth of the economy".

Speaking on the occasion, Pradhan had said he is looking forward to making Odisha, the nerve center of Purvodaya (rise of the east) in steel sector. "Prime Minister Narendra Modi has given a clarion call for Mission Purvodaya, that is Eastern India driving the national growth and propelling India towards becoming a USD 5 trillion economy," he added.