InvestorQ : Why is Arcelor Mittal planning a massive Rs.200 crore investment plan in the state of Odisha?
Anu Biswas made post

Why is Arcelor Mittal planning a massive Rs.200 crore investment plan in the state of Odisha?

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Neelam Naik answered.
3 months ago


Mr. Lakshmi Mittal, the CEO of global steel giant Arcelor Mittal, pledged to invest Rs.2000 crore in the state of Odisha. While details are still awaited, the investments are likely to be on the iron ore mines won in the state. Arcelor has already got one mine here at the auctions. Arcelor will work on the two iron ore mines viz Sagasahi and Thakurani in Odisha. Mr. Naveen Patnaik has assured Mittal of full support to ensure that the projects make headway. It may be recollected that Arcelor Mittal Nippon Steel, a joint venture between Arcelor Mittal and Nippon of Japan, had acquired the debt laden Essar Steel in an insolvency resolution process under the NCLT. This acquisition also gave them the Odisha – Ghoraburhani - Sagasahi mine with 99.59 million tonne deposits of high grade iron ore reserves. The mineral concession area is spread over 139.16 hectares including 20.88 ha forest land, 110.69 ha government land and the 7.58 ha private land. Survey of the mineral block has been done by the Geological Survey of India GSI. Subsequently, Arcelor had successfully bid for the Thakurani iron mine at e-auctions of lapsing merchant mine blocks in Odisha. This mine possesses 180 million tonne of iron ore. This will be the feedstock pipeline for its pellet complex in Paradip.