Team News Riveting
Bhubaneswar, March 4
Steel major ArcelorMittal Nippon Steel India (AM/NS India) on Thursday signed a Memorandum of Understanding (MoU) with the Odisha government for setting up a mega steel plant in Kendrapada district.
The integrated steel plant, which would have a capacity of 12 million tonne per annum (MTPA), would come up with an investment of Rs 50,000 crore, Odisha state government 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. Earlier in the day, Mittal met Patnaik at his residence Naveen Niwas and discussed the project.
The industrialist had also met Union Steel Minister Dharmendra Pradhan in New Delhi a day before.
ArcelorMittal Nippon Steel India (formerly Essar Steel) is a 60:40 joint venture between L N Mittal-owned ArcelorMittal and Nippon Steel Corporation (Nippon Steel) that acquired the Hazira steel plant through an insolvency process last year. An integrated flat carbon steel manufacturer- from iron ore to ready-to-market products, its current crude steel capacity is 9.0 MTPA.
