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According to Reuters, the company will spend $6.88 billion to build a steel plant in eastern India’s Odisha under an agreement with ArcelorMittal Nippon Steel India.
In a statement, the Orissa state government said the new steel plant, proposed by Ami Shinrikyo India, will produce 12 million tons of steel annually. ArcelorMittal, led by Commercial Lakshmi Mittal, has tried to build a 12 million-ton steel plant in Orissa.
But as ArcelorMittal failed to secure the land needed to build the plant, and the application for a matching iron mine was frustrated, the company had to cancel its original plan.
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