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Odisha govt asks ArcelorMittal-Nippon to revive steel plant in Paradip

Updated : January 29, 2020 11:11 PM IST

Essar Steel had signed a MoU with Odisha government in 2005 for building a steel plant in Paradip, which could cost about Rs 12,000 crore.
As ArcelorMittal took over Essar Steel under IBC and the Odisha government wants the new promoter to honour the commitment and revive the project.
ArcelorMittal-Nippon joint venture had made an initial payment of Rs 42,000 crore for the acquisition of Essar Steel in 2019.

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