ArcelorMittal group to invest ₹20 billion in Odisha

Bhubaneshwar: – ArcelorMittal group, the largest steel manufacturing company has drawn out a plan to invest ₹20 billion in Odisha. LN Mittal, Chairman and CEO of the ArcelorMittal group, said that he had discussions, through teleconferencing, with Odisha Chief Minister Naveen Patnaik, regarding investment in Odisha. This investment of the ArcelorMittal group in Odisha becomes significant at the time when the union government is wooing foreign investors.

ArcelorMittal, Odisha

The leading countries of the world are looking at alternatives for secured investments, while the Coronavirus is rampaging in the world. In the current scenario, many multinational companies are looking at India as a viable option. The union government is making efforts to clear all the possible obstacles in the path of foreign investors and companies. While efforts are on to bring foreign investors to India, this news of ArcelorMittal coming to India is received.

ArcelorMittal, Odisha

ArcelorMittal has an initial plan to invest ₹20 billion, in the state of Odisha and the company operations will be expanded further in the time to come. Mittal informed that the shortfall in the production at the Hazira steel project, in Gujarat, will be fulfilled from the Odisha plant and the product will be exported. Only last year, Mittal took over the Essar Steel India Limited, at Hazira, for ₹420 billion.

The initial investment in Odisha will be of ₹20 billion and this will be increased further in the future. He added that they are developing the Sagasahi and Thakurai mines. One of these mines have been acquired through an auction. Meanwhile, Odisha Chief Minister, Patnaik, assured all the possible cooperation to Mittal. It is being said that the company will be expanding the Pellet complex at Paradip port from 6 Million Tonnes Per Annum (MTPA) to 12 MTPA. The company is considering an increase in the production at Dabuna project in the Keonjhar district from 5 MTPA to 16 MTPA.

Efforts are on to ensure that the investors coming to India, do not face any obstacles and it has been ordered to reduce the turn-around-time for permissions. At the same time, efforts are being made to assist in the procurement of land, developing infrastructure around these lands and provide the necessary funding for these projects.

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