Naveen Speaks To LN Mittal On Investment Opportunities In Odisha; Steel Tycoon Commits 2000 Crore Investment

Bhubaneswar: Odisha Chief Minister Naveen Patnaik today spoke to global steel tycoon Lakshmi Niwas Mittal, the Group Chairman of Arcellor Mittal group through video conferencing on the various investment opportunities in the state. Mittal, who is in London, spoke to Chief Minister Naveen Patnaik in detail about the industrial atmosphere in the state and assured an investment of Rs 2000 Crore in the first phase. The investment will be made by Arsellor Mittal in association with Nippon Steel.

Praising Chief Minister Naveen Patnaik on the successful management of the Coronavirus pandemic, Mittal thanked the CM and said the state government’s initiative for industrial revival during this difficult period when the world economy is facing crisis is praiseworthy. He also admired the way two iron ore mines – Sagasahi and Thakurani mines, were allotted to the Mittal Group after a proper and transparent manner creating global benchmarks.

Arcellor Mittal and Nippon Steel combinedly acquired Essar Steel with an investment of more than 50 thousand crores, one of the largest Foreign Direct Investments to be made in India. Both the companies are present in the state of Odisha through a pellet plant in Paradip, beneficiation plant in Keonjhar and are operating the Sagasahi and Thakurani mines.

During the talks, Naveen told Mittal for value addition to the produced goods in the state itself thereby increasing employment opportunities and investment. He assured that the state government will extend all possible help in this regard.

Arcellor Mittal and Nippon Steel, which are managing the Paradip pellet plant, have plans to increase its capacity from 6 MTPA to12 MTPA and that of the Dabuna beneficiation plant from 5 MTPA to 16 MTPA. The companies will invest an amount of two thousand crores in the first phase of the expansion program.