Home Economy ArcelorMittal to invest Rs 2,000 crore in Odisha- A welcoming step towards...

ArcelorMittal to invest Rs 2,000 crore in Odisha- A welcoming step towards reviving the industries in the state

Naveen Patnaik, the Chief Minister of Odisha is applauded by many for the effective handling of the pandemic situation in the state. Recently, after bringing in relaxation to the lockdown norms, he is keen at promoting economic activities in the state, though under strict state government guidelines. The prime aim of the government is to improve the dwindling economic condition of the state due to the pandemic while restricting the spread of the virus. When the entire global economy has been badly hit by the outbreak of the COVID-19, the chief minister’s step towards reviving the industrial as well as the mining sector of the state by joining hands with the world’s largest steel-maker, ArcelorMittal is definitely a very welcoming step.

ArcelorMittal will soon invest around Rs 2,000 crore in Odisha. This has been said by the chairman and the chief executive officer of the company, Lakshmi N Mittal during a video call with the CM, Naveen Patnaik. The Rs 2,000 crore will form a part of the first tranche of the company’s overall investment in Odisha. As per the plans of the company, this amount will be used in augmenting the capacity of the erstwhile Essar Steel’s pellet plant at Paradip and beneficiation plant at Debuna in Keonjhar. It is aimed at the capacity of the pellet plant in Paradip is to be increased from the existing 6 million tonnes per annum (mtpa) to 12 million mtpa. 

Along with that, it has also been said that the company is working in the development of the two mines of Sagasahi and Thakurani. ArcelorMittal had bagged the Thakurani iron ore mines during the recent auction process whereas the Sagasahi iron ore block was acquired from the Essar group. 

It should be noted that the ArcelorMittal along with the Nippon Steel had acquired the pellet and beneficiation plants from the Essar steels in December last year when the later declared bankruptcy. It was a part of Rs 42,000 crore acquisition of Essar Steel India Limited.

Lakshmi N Mittal during his conversation with the CM of the state has lauded the state authority for conducting a well organized and transparent auction process. CM Naveen Patnaik has also assured him of every support for their plans of expansion in the state. CM has also added that his office will coordinate with the company to materialize all the plans as soon as possible.

This huge investment in the industrial, as well as the mining sector of Odisha, will definitely boost the current economic condition of the state. Along with that, the expansion of the industries will create huge employment opportunities for the youth of Odisha. This is for sure a win-win situation for everyone. The state government in the current time is working out every possible way to lure investors into Odisha which will definitely make the future of the state bright.

Amit Kumar Singh
Amit is currently working as an engineer officer in the merchant navy. He is an avid reader and globetrotter. His work has helped him to visit huge number of countries around the globe. He has authored a novel and has many published articles, short stories, and poems to his name. His articles have been featured in prestigious UK writer's forums

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