Results 1 to 1 of 1
01-10-2010, 05:20 PM #1
Digital Technology leader, Samsung India Electronics Pvt Ltd today unveiled its 2010
Global steel giant Arcelor Mittal is likely to shift his one of his two committed steel projects to Karnataka following its approval for setting up its Rs 30,000 crore mega steel plant in the state.
The indication of shifting came from the company's chairman L N Mittal himself when he said the company was considering relocating its plants within India and expressed his unhappiness over the delays faced over his 20 billion dollar plan to commission plants in Jharkhand and Orissa states. He, however, did not give indication which of these plants would be shifted.
There was also an indirect confirmation about the possible shifting of the power plant by Karnataka Chief Minister Yeddyurappa when he revealed that Mr Mittal was interested to put up his plant in 'three months'. In the normal course, it takes around three years for commissioning a plant of such magnitude, informed sources said.
Asked by mediapersons if he had committed investments in Karnataka after his meeting with Yeddyurappa, Mr Mittal, however, gave an evasive reply when he said his 'commitment for investment was for the country'.
''Steel plants cannot be built in a day. Depending on the progress, and depending on various approvals, land acquisition, mining approvals, the priorities can change,'' Mr Mittal quipped.
In Karnataka, the Mittal's investments would be in the range of Rs 30,000 crore creating employment for 10,000 people but the project location is still under cloud.
The State Government has agreed to provide 4,000 acres of land, water and other infrastructure needed for setting up the plant. It could be in Bijapur, Bagalkot or Koppal and the choice was left to Mr Mittal to finalise the location.
The MoU between the Arcelor Mittal and Karnataka is likely to be signed during the Global Investors Meet scheduled to be held in Bangalore in June this year.
.~*\ .............~**~...~*\../`*~. ~**~-,
.\.....\¸,.~*\/.... /\.....\... ..V...../ ...(_)...\
..\............ .\.....\/..../. \........ ./\......¸,.~*
....\¸,.~*´ ¨..`.-.,¸¸,.-`..\,¸ ¸,./.....\..,¸¸,`.\