ArcelorMittal To Invest Rs 2000 Crore In Odisha
ArcelorMittal, which is the world’s largest steelmaker, is planning to invest ₹2,000 crores in Odisha. This was confirmed by Group Chairman and CEO L N Mittal during his video conference with Odisha Chief Minister Naveen Patnaik.
“We already have a ₹2,000 crore investment plan in Odisha which is going on with the support of your administration, your people, and your guidance”, said Mittal. He commended the state’s effort in efficiently managing the COVID pandemic.
The company is planning to expand its pellet plant at Paradip and increase its production capacity from 6 Million Tonnes per Annum to 12 Million Tonnes per Annum (MTPA). After this investment, the company would no longer need to produce in Hajira, as the entire production, as well as the export of pellets, would be undertaken in Odisha.
“So, I see that this auction process which you designed is one of the best auction processes. The people have seen the transparency in governance. That is the most important thing as an international company. We see this as very important for us”, Mittal said appreciating the mining process of the state.
The Chief Minister has extended his full support to the company. He also advised adding value to the minerals produced in the state, which would allow further employment and an economic boost. The company is planning an expansion of its iron beneficiation plant at Baduna in Keonjhar district, increasing the production from 5 MTPA to 16 MTPA.
ArcelorMittal and Nippon Steel recently completed the acquisition of Essar Steel, in a deal worth more than ₹50,000 crores.