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Business To Invest Rs 50,000 Crore To Set Up Steel Plant

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The pact is for establishing a 12 million tonne integrated steel plant in Kendrapara districtA Memorandum of Comprehending (MoU) was signed on Thursday between the Government of Odisha and ArcelorMittal Nippon Steel for establishing a 12 million tonne incorporated steel plant in Kendrapara district of Odisha with an investment of Rs 50,000 crores.

Odisha Chief Minister Naveen Patnaik and ArcelorMittal Chairperson and CEO Lakshmi Vilas Mittal have signed the offer.

Today, Union Minister of Petroleum and Gas Dharmendra Pradhan had actually said Odisha's long shoreline is going to be the epicentre for the advancement of India.

The government-led efforts in the petroleum and steel sectors will offer impetus to the maritime economy in Odisha.

Combination of important facilities like road, rail and port will cause the commercial advancement of the state.

Prospective for the port-led blue economy will be unlocked with the multi-modal rail, road and air linkages with sea and riverine ports for transport of minerals and goods at much lower logistics expense, he added.Similarly, on February 28, 2020, Pradhan had actually stated that Odisha would be made a nerve center in the steel sector.

He took part in the workshop on Making it possible for treatments for the boost of steel used for the growth of the economy .

Speaking on the event, Pradhan had actually said he is looking forward to making Odisha, the nerve center of Purvodaya (increase of the east) in steel sector.

Prime Minister Narendra Modi has actually provided a clarion require Mission Purvodaya, that is Eastern India driving the national growth and moving India towards becoming a USD 5 trillion economy, he added.




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