Arcelor Mittal's project in Karnataka very much on: Minister | india | Hindustan Times
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Arcelor Mittal's project in Karnataka very much on: Minister

india Updated: May 19, 2010 19:51 IST

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Global steel giant Arcelor Mittal's plant in Karnataka at an investment of Rs 32,000 crore would soon be a reality as the firm has already deposited money for land acquisition, Minister for Major Industries Murugesh Nirani said on Wednesday.

Speaking to reporters in Bangalore, he said the company has recently deposited Rs 206 crore for acquiring 4800 acres at Kudathini in Bellary district, where it plans to establish its six million tonne capacity plant.

His remarks came in the wake of reports that issues had cropped up between the company and the government over leasing of dedicated mining blocks for the proposed plant.

Nirani said the government has promised to lease mining area to meet 50 per cent of its iron ore requirement, besides ensuring water and other facilities.

"The state government will enter into an agreement with Arecelor Mittal during the two-day Global Investors Meet beginning from June three," he said.

Nirani said the government is gearing up for the mega event, expected to be attended by over 2,000 captains of industry and generate about Rs three lakh crore investments,

Representatives of Birla Group, J K Tyres, Jindal, Toyota Kirloskar, Tata, TVS, UB and Videocon, besides several foreign delegates, would participate in the meet, he said.

To lure investors, the state has already organised road shows at China, Japan, Singapore, South Korea, besides in Indian cities of Delhi, Mumbai, Hyderabad and Chennai, "evoking a tremendous response," he said.

"The state has acaquired about 68,000 acres to create a land bank ahead of the GIM and all acquisitions have been made with consent of farmers," he said.