Odisha govt approves 1lakh crore steel facility

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Arcelor Mittal Nippon Steel, the world’s second-largest steelmaker, will invest over Rs 1 lakh crore in Odisha by setting up a 24 mtpa (million tonne per annum) integrated steel facility in the state, an official statement said on Friday.

A high-level clearance authority of the Odisha government headed by chief minister Naveen Patnaik approved the facility, which will create 16,000 jobs, besides indirect employment opportunities.

The greenfield facility in Kendrapara district is touted to be one of the largest manufacturing units in India and will produce various grades of steel besides 18.75 mtpa of cement. The plan will be completed in seven years in a phased manner.

The state government is also in the process of constituting a high-power committee headed by the state’s Chief Secretary, which will monitor time-bound clearances and other logistical requirements.

Along with the steel complex, the official statement said, the company will also develop a downstream industry park to promote MSMEs and also help import substitution as a large number of ancillary manufacturing companies are expected to put up their units in the region to support the steel facility.

Through this investment, the statement said, the Odisha government has garnered investments worth Rs 2.7 lakh crore in the past year while creating potential employment opportunities for 1,60,000 persons. The government is expected to extensively push socio-economic development across the region, the statement added.

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