Business

AM/NS, Odisha ink ₹50,000-cr. steel plant pact


The Odisha government on Thursday signed a memorandum of understanding (MoU) with Arcelor Mittal Nippon Steel for setting up a 12 million tonne (MT) per annum capacity steel project at an estimated investment of ₹50,000 crore in Kendrapara district.

The MoU was signed in the presence of Chief Minister Naveen Patnaik and the executive chairman of ArcelorMittal Lakshmi N. Mittal.

ArcelorMittal had signed an MoU with the Odisha government in 2006 for establishing a 12- MT integrated steel plant and a captive power plant, at an estimated cost of ₹40,000 crore.

The project, however, did not take off.

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