ArcelorMittal Nippon Steel to invest Rs 1 lakh cr to set up steel plant in Odisha

ArcelorMittal Nippon Steel India (AM/NS India), a joint venture between two of the world’s leading steel manufacturers, will invest more than Rs 1 lakh crore in Kendrapara, Odisha to set up a 24 MTPA integrated steel plant, announced Chief Minister Naveen Patnaik on Friday.

"High-Level Clearance Authority of the Govt of Odisha, headed by CM Naveen Patnaik approves Arcelor Mittal Nippon Steel’s (AM/NS) proposal to set up a 24 MTPA integrated Steel plant," the state government said in a statement.

The project will help in generating employment opportunities to 16,000 people, the state said.

The Arcelor Mittal Nippon Steel’s approved project will be the largest project in the manufacturing sector in the country, Odisha government further stated.

ArcelorMittal Nippon Steel is one of the largest steel makers of the world and combines the financial might of the LN Mittal Group and the technological prowess and management strength of Nippon Steel, a Japanese company.

AM/NS India has other investments in Odisha, including the 6 MTPA pelletization plant in Paradip which is likely to be expanded to 12 MTPA and the benefaction complex and slurry pipeline projects already operational in Keonjhar.