ArcelorMittal, POSCO get go ahead for steel plants

ArcelorMittal, POSCO get go ahead for steel plants

Committee clears 38 projects worth Rs 1.38 lakh crore

ArcelorMittal, POSCO get go ahead for steel plants

Chief Minister B S Yeddyurappa with ministers Umesh Katti, Murgesh Nirani, Katta Subramanya Naidu and Janardhana Reddy at the High Level Clearance Committee meeting at CM’s home office in Bangalore on Tuesday. kPNRepresentatives of ArcelorMittal have already toured Bagalkot, Bijapur and Bellary districts to identify a location to set up a six million tonne per annum integrated steel plant with an investment of Rs 30,000 crore, Commerce and Industries Principal Secretary V P Baligar told reporters.

A technical team of South Korean company POSCO will arrive in Karnataka next week and scout for a location. The company has plans to invest Rs 32,336 crore to set up six million tonnes finex steel plant and 44 MW captive power plant. “Both companies are looking for an ideal location which will be closer to a water source (Almatti dam) and iron ore source (Bellary),” he stated.

He said there was a stiff competition among farmers to give their land away to these companies. Recently, hundreds of farmers in Bagalkot welcomed the representatives of ArcelorMittal when they went there to inspect a site, he added.

Gas pipeline

The High Level Clearance Committee also approved two gas pipeline projects –– Dhabol-Belgaum-Bangalore and Chennai-Bangalore-Mangalore –– proposed by the Gas Authority of India Limited (GAIL) and the Relogistics Infrastructure Limited.

The GAIL has already completed the survey of land and finalised the route map. The Government will acquire the land and hand it over the company. Both the projects are expected to be completed by 2011, Baligar said.

Another prominent company to show interest in the State is SHELL Technology India Pvt Limited. The company secured approval for its plan to set up a research and development centre for gas-related activities at Devanahalli industrial area in Bangalore rural district at the cost of Rs 1,376 crore.

This apart, the High Level Clearance Committee cleared 33 other major industries projects. Altogether 38 projects with an investment of Rs 1.38 lakh crore were cleared in the meeting held at the CM’s home office ‘Krishna.’

Earlier, Yeddyurappa said the Government had decided to sign a memorandum of understanding with these companies in the Global Investor Meeting scheduled to be held in June.

“Nearly 30 top companies in the world have come forward to invest in the State. This is enough indication that Karnataka has become the most preferred investment destination,” he stated.

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