ArcelorMittal to invest Rs 30k cr in Karnataka

Steel maker ArcelorMittal would invest Rs 30,000 crore in Karnataka towards setting up a 6,000-tonne steel plant in the state. A four-member high-level team from the world's largest steel maker met Karnataka chief minister BS Yediyurappa on Friday to discuss details of the project.
The investments would also involve a co-generation power plant of 750 mega watt capacity. The government officials said Karnataka, which was in discussions with the company about the investment proposal, had shown the team six to seven sites for housing the project. “The company has finally chosen two sites. A final decision (on the site) will be made known to the government shortly,” an official at the chief minister's office told FE. He, however, declined to name the locations considered for the plant.
Karnataka's iron ore deposits are mainly spread across the north Karnataka districts of Bellary-Hospet and Koppal. The Karnataka government has extended all necessary support and incentives to the company to set up the plant, government officials said, adding that the company had sought approximately 4,000 acres for the plant.
ArcelorMittal's group board member Sudhir Maheshwari, chief executive (India and China) Vijay Kumar Bhatnagar, chief executive (India greenfield projects) Sanak Misra, corporate affairs manager Narasimha Hegde and strategy and planning head Prateek Kapur visited the minister to discuss the project details.
Earlier, the chief minister had told the media, “We have told the company to choose a site suitable for its requirements as the prestigious project is set to create about 10,000 jobs when implemented in the next four-five years.”
In a statement, ArcelorMittal chief executive LN Mittal said, “Our team had a constructive and positive meeting in response to an invitation from the Karnataka government. Karnataka is one of the most progressive states in India and, therefore, is an ideal place to build a world-class steel plant. The state government understands that India would continue to have a growing demand for steel and is keen on participating in this growth potential.”