New Delhi ArcelorMittal Nippon Steel to invest in world’s second largest steel maker 1 trillion to set up a 24 million tonnes per annum (MTPA) integrated greenfield steel facility at Kendrapara, Odisha.
The High Level Clearing Authority, chaired by Chief Minister Naveen Patnaik, has approved the plan submitted by ArcelorMittal Nippon Steel for setting up the plant, which will create 16,000 jobs besides creating indirect employment opportunities through ancillary and downstream industries and services. will offer.
The state government said the approved project would be the largest in a manufacturing facility in India. At its Kendrapara campus, it will produce steel of various grades through the use of latest green steel making technology. It will also produce value added steel products.
Additionally, the facility will produce 18.75 million tonnes of cement annually, making it one of the largest cement manufacturing units in India. This will help in infrastructure development in the region, the state government said.
The company will develop downstream industry parks to promote small and medium businesses to help in import substitution.
The project will be completed in phases over seven years, and the state will focus on comprehensive socioeconomic development across the region.
The government said a large number of subsidiary manufacturing companies are expected to set up shop to support the huge steelmaking facility.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,