STATES

ArcelorMittal to invest Rs 1.02L Cr for steel plant in Odisha

By Express News Service

BHUBANESWAR: The ArcelorMittal Nippon Steel (AM/NS) has revived its plan to set up a steel plant in Odisha with a massive investment of Rs 1,02,275 crore. It will come up at Mahakalpada block of Kendrapara district.

The proposal for the 24 MTPA capacity plant was cleared at the meeting of the High Level Clearance Authority (HLCA) headed by Chief Minister Naveen Patnaik on Friday. The mega project is expected to generate direct employment opportunities for 16,000 persons and create significant indirect employment opportunities through ancillary and downstream industries and services.

The project will be completed within seven years in phases. The logistic infrastructure, power and water utilities and all clearances for the project will be provided in a time bound manner by the government agencies and monitored by a high power committee headed by the Chief Secretary.The approved project is billed to be the largest in the manufacturing sector in the country. At its Kendrapara complex, the AM/NS will produce 24 million tonne (MT) of various grades of steel with its latest green steel making technology. It will also produce high value added steel downstream products.

This is for the second time that Mittal is trying to set up a steel plant in Odisha. Earlier in 2013, the company had withdrawn from a steel project in Keonjhar district due to problems of land acquisition, raw material and other issues. The proposed facility will also produce 18.75 MT of cement annually, making it one of the largest cement manufacturing plants in the country. Official sources said that along with the steel complex, the company will also develop a downstream industrial park to promote the MSMEs and help import substitution. 

If the project materialises, it will be the first big industry in Odisha and boost the overall development of the region. A number of international equipment manufacturers will be stakeholders in the project and catalyse employment opportunities in the State. With this 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.

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