ArcelorMittal scraps Rs 50,000 cr steel project in Odisha

In a major embarrassment for the Government, barely 24 hours after it announced 100 per cent FDI in telecom and hiked foreign inflows in other key sectors like defence production and asset reconstruction firms - it faced one of the biggest foreign investment pullouts in recent times with world’s largest steel maker ArcelorMittal on Wednesday announcing scrapping of its $12 billion (Rs 50,000 crore) steel plant in Odisha.

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