NEW DELHI: ArcelorMittal Nippon Steel (also known as AM/NS) will invest Rs 1,02,275 crore to set up a 24 MTPA (million tonnes per annum) integrated steel plant in Kendrapara, Odisha.
“High-level clearance authority of the government of Odisha, headed by the chief minister, approves ArcelorMittal Nippon Steel’s (AM/NS) proposal to set up a 24 MTPA integrated Steel plant at Mahakalpara block of Kendrapara district against an investment of Rs 1,02,275 crore,” the Odisha government said in a statement.
The government claims the project will generate direct employment for 16,000 persons and create significant number of indirect employment opportunities through ancillary and downstream industries and services.
“The approved project is the largest project in the manufacturing sector in the country. At its Kendrapara complex, ArcelorMittal Nippon Steel (AM/NS) will produce 24 MT of various grades of steel with its latest green steel making technology. It will also produce high value added steel downstream products,”the statement said.
With this, Odisha has garnered investments worth Rs 2.70 lakh crore in the past 12 months, creating potential employment for over 77,000 persons. This facility will also produce 18.75 MT of cement annually, which will make it one of the largest cement manufacturing plants in the country, the government said.