Bhubaneswar, Dec 17 (IANS): The Odisha government on Friday approved ArcelorMittal Nippon Steel's (AM/NS) proposal to set up an integrated steel plant in the state's Kendrapara district at a cost of Rs 1.02 lakh crore, officials said.
The High-Level Clearance Authority, headed by Chief Minister Naveen Patnaik, gave its nod to the proposal under which the company plans to set up a 24 million tonnes per annum (MTPA) integrated steel plant at Mahakalpara block of Kendrapara, an official statement said.
This mega project would generate direct employment opportunities to 16,000 persons and create significant indirect employment opportunities through ancillary and downstream industries and services, it said.
The approved project is the largest project in the manufacturing sector in the country. At its Kendrapara complex, AM/NS will produce 24 MT of various grades of steel with its latest green steel-making technology. It will also produce high value added steel downstream products.
This facility will also produce 18.75 MT of cement annually, making it one of the largest cement manufacturing plants in the country and will boost the infrastructure development in the region, the government said.
Along with the steel complex, the company will also develop a downstream industry park to promote MSMEs and help import substitution. A large number of ancillary manufacturing companies are expected to put up their units in this region to support the huge steel making facility.
Through this investment, the state government will give push to extensive socio-economic development across the region. As per the statement, the mega project will get completed in 7 years in different phases.
To provide logistic infrastructure, power and water utilities and all the clearances for the project in a time bound manner by the government agencies, the state has constituted a high power committee led by the Chief Secretary.
With Odisha being the largest steel-producing state in the country, such projects will further enhance the production to cross the 100 MT steelmaking capacity by 2030, the statement said.
With this, Odisha has garnered investments worth Rs 2.70 lakh crore in the past 12 months, creating potential employment opportunities for over 77,000 persons.