Union Minister for Steel and Heavy Industries H.D. Kumaraswamy met Odisha Chief Minister Mohan Charan Majhi for a detailed review of steel-sector developments in the state, with a particular focus on the operations and expansion of the Rourkela Steel Plant (RSP). Union Minister for Tribal Affairs Jual Oram also attended the meeting.

Describing the interaction as “fruitful”, Mr Kumaraswamy said the discussions centred on strengthening Odisha’s position as a leading steel and mining hub. Senior officials from the Ministry of Steel and the Odisha Government took part in the deliberations.

The Minister said the talks covered three key areas: the functioning of RSP, its proposed expansion and broader issues relating to boosting steel and mining production in the state. He noted that Odisha, with its rich mineral resources and strong industrial base, remains a critical pillar of India’s steel growth strategy.

Speaking to the media, Mr Kumaraswamy said the Chief Minister assured full cooperation in facilitating RSP’s expansion and the wider development of the steel sector. “The Chief Minister conveyed the state’s full support in helping us achieve Prime Minister Narendra Modi’s vision of reaching 300 million tonnes of steel capacity by 2030,” he said.

The meeting reflects increased alignment between central and state leadership in accelerating industrial growth in Odisha, which contributes significantly to India’s steel and mining output. Reaffirming the commitment to continued collaboration, the Minister said coordinated efforts will be essential in boosting production capacities, modernising infrastructure and supporting national economic goals.

The discussions mark another step in strengthening Odisha’s role as one of India’s most important steel-producing regions and advancing the country’s progress towards the 300 million tonne steel capacity target.

The Minister emphasised collaboration with the Odisha Government and highlighted the wider socioeconomic benefits, including job creation for local youth, opportunities for MSMEs and enhanced community development. He said the project aligns with national goals under the National Steel Policy to raise India’s steelmaking capacity to 300 million tonnes by 2030–31 and boost specialty steel production under the PLI scheme.”

Dulux paint maker AkzoNobel announced on Tuesday that it plans to merge with Axalta Coating Systems in a deal that will create a combined company with an enterprise value of USD 25 billion. The merged entity will initially be dual-listed in Amsterdam and New York before transitioning to a single NYSE listing, and will maintain dual headquarters in Amsterdam and Philadelphia. AkzoNobel chief executive Greg Poux-Guillaume will lead the company as CEO.

Paint manufacturers have been consolidating to cut costs amid rising input prices, intense competition and uncertainty fuelled by past U.S. tariff policies. Poux-Guillaume said the merger would enable the combined business to deliver cost reductions that will strengthen profitability. He noted that the company will have a higher-margin product portfolio than BASF’s coatings business, in which private equity firm Carlyle acquired a majority stake in October. Most of the value creation, he added, will come from cost efficiencies rather than relying on an increase in demand.

“If you look at Axalta, what really stands out is that they’re very profitable,” he said. “If you take the combined profitability of the two businesses, including the synergies, you’re talking best in the market.”

AkzoNobel shares were flat at 1111 GMT after earlier falling as much as 3.7 per cent, while Axalta shares were 2.5 per cent lower, reversing an initial 2.7 per cent rise. Poux-Guillaume said the new group is expected to generate a 20 per cent core profit margin, compared with AkzoNobel’s 15.1 per cent margin in the third quarter and 13.8 per cent in 2024.

The merged company expects to deliver annual cost savings of USD 600 million, with 90 per cent achieved within the first three years after completion. The joint business is valued at eight times annual earnings, compared with the 12 times earnings valuation for BASF’s divested coatings unit.

The combined entity anticipates annual revenues of nearly USD 17 billion, adjusted core earnings of USD 3.3 billion, and USD 1.5 billion in adjusted free cash flow.

Under the merger terms, AkzoNobel shareholders will receive a USD 2.5 billion dividend payout and are expected to hold 55 per cent of the new company, with Axalta investors owning 45 per cent.

The deal is expected to close between late 2026 and early 2027.