ArcelorMittal scouting for land

Steel giant plans to invest Rs 50,000 crore in two phases in State

ArcelorMittal scouting for land


The company officials recently inspected these places for land. They will finalise a location within a few days and inform the Government before the next high-level clearance committee meeting, where the project will be taken up for clearance.
The steel giant requires around 4,000 acre land to set up its plant.

ArcelorMittal plans to invest a total Rs 50,000 crore in the State in two phases. Besides a steel plant, they want to set up a 750 mega watt power generation plant. These projects, if implemented, will provide employment to 10,000 people, Chief Minister Yeddyurappa told reporters after holding a meeting with ArcelorMittal Group Management Board Member Sudhir Maheshwari and Executive Vice President Vijay Kumar Bhatnagar and other company officials on Friday.
“Only preliminary discussions have been held with the company officials on the project. The final decision will be taken shortly. The Government has assured its full support to these projects,” he stated.

Industries Minister Murugesh Nirani said: “Once the high-level clearance committee headed by the CM clears the project, the Government will acquire the required land for the company within six months,” he added.

Vijay Kumar Bhatnagar said the company was yet to finalise the site. The plant would require about 300 million tonnes of iron ore, and the State government has assured to provide incentives and concessions as per the 2009 Industrial Policy of the State.

Chief Secretary S V Ranganath said it would take six months for the Government and the company to enter into an agreement for implementing the project. It would take another three to four years for the company to start the production in Karnataka.
Company Chairman and CEO Lakshmi N Mittal in a release after the meeting, said: “It will be an honour for ArcelorMittal to be part of Karnataka’s industrial development and we are looking forward to work closely with the State government as the project progresses. Our team had a constructive and positive meeting in response to an invitation from the Karnataka Government.”

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