July 2020 \ Business & Investment \ BUSINESS AND GOVERNANCE
Rs 2,000 crore FDI into Odisha

ArcelorMittal and Nippon Steel in June said they ...

  • Mr Naveen Patnaik (right) during video conferencing with Mr Lakshmi Mittal (left)

ArcelorMittal and Nippon Steel in June said they will invest around Rs 2,000 crore in the first phase in Odisha. This has been confirmed by the office of the Odisha Chief Minister. The company has decided to ramp up the capacity of the pellet plant at Paradip from 6 MTPA to 12 MTPA and benefication facility at Dabuna in Keonjhar from 5 MTPA to 16 MTPA.

Odisha Chief Minister Naveen Patnaik held discussion with ArcelorMittal Group Chairman Lakshmi Mittal on investment in the state via video conferencing.

In December 2019, ArcelorMittal had announced that it had completed the acquisition of Essar Steel. It established a joint venture with Nippon Steel Corporation, called ArcelorMittal Nippon Steel India Ltd, which would own and operate the acquired company. With this, the ArcelorMittal and Nippon Steel has acquired the Paradip pellet plant and Dabuna benefication plant of Essar in Odisha.

It has also bagged two mines in Odisha—Sagasahi and Thakurani iron ore blocks. The Chief Minister advised the steel tycoon to add value to the mineral resources procured from Odisha in the state itself for creation of more employment opportunities.