In March, Patnaik tweeted that ArcelorMittal Nippon Steel had signed an agreement to build a 12mtpa steel plant in the state with an investment of Rs500bn ($6.6bn).

ArcelorMittal Nippon Steel India Ltd. has received The approval from the Odisha state government to set up a $13 billion, 24 million tpa steel mill, which is a doubling of investment and capacity from the initial proposal in March.
In a statement after a meeting chaired by Prime Minister Navin Patnaik, the Kendrapara complex will produce steel using the latest green steelmaking technology and will also produce high value-added products downstream, the Odisha Government Investment Promotion Authority said in a statement after a meeting chaired by Prime Minister Navin Patnaik. She added that the project will be completed in phases within seven years.

In March, Patnaik tweeted that ArcelorMittal Nippon Steel had signed an agreement to build a 12mtpa steel plant in the state with an investment of Rs500bn ($6.6bn).

The statement added that this facility will also produce 18.75 million tons of cement annually.

ArcelorMittal previously attempted to build a steel plant in the state more than a decade ago, but abandoned the plan in 2013 due to a failure to obtain proper land and permits to mine iron ore, a key raw material.

Financial Express Telegram Financial Express is now available on Telegram. Click here to join our channel And stay up-to-date with the latest Biz news and updates.

Source link

By admin

Leave a Reply

Your email address will not be published.