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A spiralling sculpture designed by Turner Prize-winning artist Anish Kapoor has been chosen as the monument to mark the London 2012 Olympic Games.

The 115m tall piece, named the ArcelorMittal Orbit, will be placed in the Olympic Park and will be 22m higher than New York's Statue of Liberty.

The £19.1m design incorporates the five Olympic rings and will offer visitors panoramic views of London.

London Mayor Boris Johnson revealed plans for the tower on Wednesday.

"I am deeply honoured to be invited to undertake this challenging commission," Kapoor said.

"I am particularly attracted to it because of the opportunity to involve members of the public in a particularly close and personal way. It is the commission of a lifetime."

The artist will work with leading structural designer, Cecil Balmond of engineering firm Arup.

ArcelorMittal Orbit will be built near the Olympic stadium

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Organisers said Balmond had worked on "some of the greatest contemporary buildings in the world", including the CCTV building in Beijing, as well as numerous Serpentine Gallery pavilion commissions.

''Long after the Games are over, our aim is to have a stunning spectacle in east London that will be recognised around the world," Mr Johnson said.

"Anish Kapoor's inspired art work will truly encapsulate the energy and spirit of London during the Games and, as such, will become the perfect iconic cultural legacy."

Steel company ArcelorMittal - owned by steel magnate Lakshmi Mittal - will fund up to £16m of the project with £3.1m provided by the London Development Agency.