ArcelorMittal Nippon Steel Limited (AMNS) Indian has committed investments to the tune of $264 million in steel projects in the eastern Indian state of Odisha, according to a video conference meeting between ArcelorMittal chairman, Laksmi Mittal and Odisha chief minister Naveen Patnaik.
“We already have investment plans in Odisha which are on. We got one iron ore mine here at auctions which were organized very well… You have transparency of governance and that is the most important thing for us as an international company,” Laksmi Mittal told the chief minister.
Though details of the investments in Odisha have not been detailed, it has been learned that funds will be infused to ramp up production capacity at its pellet complex at the port town of Paradip from 6 million mt per year to 12 million mt per year.
AMNS recently acquired two iron ore mines – Sagasahi and Takurani – through successful bids at auctions held by the state government.