ArcelorMittal Nippon Steel , a joint venture of the world's two leading steel manufacturers, will invest over Rs 1 lakh crore to set up a 24 million tonne per annum (MTPA) capacity integrated steel plant in Odisha.
ArcelorMittal Nippon Steel's proposal to set up the plant in Kendrapara with an investment of over Rs 1 lakh crore was cleared by a High Level Clearance Authority headed by Odisha CM Naveen Patnaik.
"High-Level Clearance Authority of the Govt of Odisha, headed by CM Naveen Patnaik approves Arcelor Mittal Nippon Steel’s (AM/NS) proposal to set up a 24 MTPA integrated Steel plant," the state government said in a statement, reports ANI.
The project will help in generating employment opportunities to 16,000 people, the state government said.
The Arcelor Mittal Nippon Steel’s approved project will be the largest project in the manufacturing sector in the country, the statement added, reports Business Today.
ArcelorMittal Nippon Steel (also known as AM/NS) is the joint venture between ArcelorMittal and Japanese firm Nippon Steel.
AM/NS India has other investments in Odisha, including the 6 MTPA pelletization plant in Paradip which is likely to be expanded to 12 MTPA and the benefaction complex and slurry pipeline projects already operational in Keonjhar.
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