BHUBANESWAR: Steelmaker ArcelorMittal
Nippon Steel
India (AM/NS India) on Thursday inked an agreement with the Odisha government for setting up a 12 million tonnes per annum (MTPA) greenfield integrated steel plant in Kendrapada district with an
investment
of Rs 50,000 crore, officials said.
Chief minister Naveen Patnaik and steel tycoon Lakshmi N Mittal were present during the signing of the Memorandum of Understanding (MoU) at Lokaseva Bhavan, the state secretariat.
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.
Mittal met Patnaik at his residence
Naveen Niwas
earlier in the day and discussed his company ArcelorMittal's projects in the state, an official said.
The industrialist had met Union steel minister Dharmendra Pradhan in New Delhi on Tuesday.
"Kendrapara in the east coast provides ideal prospects for an Integrated Steel Complex. The state government will provide all the required support and
facilitation
for the setting up of this mega project," the chief minister said.
Patnaik claimed that Odisha has successfully emerged as the most attractive investment destination in the country because of its forward-looking industrial policy, facilitation mechanism and robust infrastructure growth.
Mittal said that he is happy to partner with the Odisha government in setting up the integrated steel complex at Kendrapara.
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.
Mittal said that he is amazed at the speed of work by the state government and termed it as the best he has witnessed in his world-wide business experience.