Bhubaneswar: The Odisha government and ArcelorMittal Nippon Steel India on Thursday signed an MoU for setting up a 12 million ton integrated steel plant in Kendrapada district with an investment of Rs 50,000 crores.Also Read - Cyclone Asani Weakens Into Deep Depression; Odisha, Andhra And Bengal Brace For Heavy Rainfall

Chief Minister Naveen Patnaik and steel tycoon Lakshmi Mittal were present during the signing of the MoU at New Convention Centre in the Lokaseva Bhavan. Also Read - Cyclone Asani: Group Of Fishermen Narrowly Escape After Their Boat Capsizes Off Odisha Coast | WATCH

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Before signing of the MoU, Mittal met CM Naveen at his residence and discussed his company ArcelorMittal’s projects in the state.

The development comes days after Union Minister Dharmendra Pradhan discussed several issues with Arcelor Mittal executive chairman LN Mittal and CEO Aditya Mittal.

The Union Minister had earlier said that they had held discussions on driving domestic steel demand and making the Indian industry more vibrant among other issues.

“Had a fruitful meeting with Mr. Lakshmi Niwas Mittal, Chairman & CEO of ArcelorMittal @ArcelorMittal. We had good discussions on sustainable energy, driving domestic steel demand, boosting steel consumption and making our steel and oil & gas industry more vibrant and competitive,” Pradhan had earlier tweeted.