ArcelorMittal-Nippon venture wins approval for $4.7 billion Indian steel plant

NEW DELHI - India's eastern state of Odisha on Thursday approved ArcelorMittal Nippon Steel India's $4.68 billion steel plant project, a government statement said.

The plant, to be built by the joint venture between ArcelorMittal SA and Nippon Steel Corp, will have annual production capacity of 7 million tonnes, Odisha's government said.

"(The project) is expected to churn employment opportunities for more than 11,000 people in the state," the statement said.

($1 = 81.2420 Indian rupees)