ArcelorMittal ready to set up Rs 30,0000cr plant in Karnataka

The world's largest steel company ArcelorMittal on Monday said it has approached the Karnataka government for setting up a steel plant in the state.

The world's largest steel company ArcelorMittal on Monday said it has approached the Karnataka government for setting up a steel plant in the state.

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"ArcelorMittal has sought approval for its proposed steel plant in Karnataka from the single window clearance committee of the state government. Setting up an integrated plant in the state would depend finally on a host of techno-economic factors.

"We would disclose more details on cost, capacity, timeline etc once the technical studies are completed in about three-four months," a company spokesperson told PTI.

Sources, however, said that the NRI billionaire LN Mittal-led company is planning to set up six-million tonne per annum steel plant in Karnataka attracting an estimated investment of Rs 30,000 crore.

The proposal is in addition to the already planned Rs 1 lakh-crore projects in Jharkhand and Orissa,the spokesperson added.

The company has been facing problems in acquiring land besides "regulatory hurdles" for its 12-MTPA steel plants, one each in Jharkhand and Orissa.