BHUBANESHWAR, MARCH 4 : Fifteen years after expressing its aim to set up a steel plant in Odisha, the world’s largest steelmaker ArcelorMittal has decided to revisit the state with a mega investment plan.

The company's Indian operations led by ArcelorMittal Nippon Steel India has inked a memorandum of understanding (MoU) with Odisha government for establishing a 12 million tonne metric tonne steel plant in Kendrapada district with an investment of Rs 50,000 crore.

ArcelorMittal had indicated its intent to set up greenfield steel operations in India in 2005 and 2006 as well when it had inked MoUs with Jharkhand and Odisha for setting up a 12 MT steel plant each in the two states. But lack of clearance on land and lack of assurance on supplies of key raw material iron ore prevented the company from realising its investment plan.

The existing MoU in Odisha, which was signed in the presence of Chief Minister Naveen Patnaik and steel tycoon Lakshmi N. Mittal in Bhubaneshwar, has given a leg up to the bullish plan of the company to have both greenfield and brownfield steel operations in India.

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