ArcelorMittal expects land soon in K'taka

ArcelorMittal today said allocation of the remaining 136 acres of land by Karnataka for its USD 6.5 billion plant is expected in the first quarter of 2015, while for Jharkhand project it will consider state Chief Minister's suggestion of treating land givers as partners.
The world's largest steel maker said it has completed a draft feasibility report for its proposed six mtpa steel plant in Karnataka which entails an investment of a whopping USD 6.5 billion.
"A draft feasibility report for the contemplated steel plant has been completed and hydrological and environmental impact assessment studies have been initiated," it said in its latest annual report.

The Billionaire L N Mittal-led company has also received possession certificates for 2,659 acres of private land following acquisition of 1,827 acres and 832 acres in 2011 and 2012, respectively.
"This leaves a balance of 136.33 acres of land owned by Karnataka Government, which is being processed for allocation and expected to be completed during the first quarter of 2015," ArcelorMittal said.
The company had in June 2010 entered into a memorandum of understanding with Karnataka for setting up the project. The state has also approved the project's use of water from the Tungabhadra River.

ArcelorMittal also renewed its commitment to set up a steel plant in Jharkhand, a decade after it signed an MoU with the state government for a 12 million tonne greenfield project.

The company's Chief Executive Officer (India/China) Sanjay Sharma called on Chief Minister Raghubar Das here. An official release quoted him as saying that a conducive atmosphere has been created in Jharkhand and assured of new investment opportunities.
Conveying ArcelorMittal Chairman L N Mittal's good wishes to Das, Sharma said the company was committed to investing in Jharkhand and setting up the greenfield steel plant.
Das said the state was ready to assist them in every possible manner and suggested that during the process of land acquisition and setting up of industries, companies should treat land givers as their partners by ensuring a share from the profits, housing and employment, which would not make them feel as displaced.

If the people get a good price they would not hesitate to give land, the release said quoting the Chief Minister.
The ArcelorMittal official assured that the company would follow Das's suggestions, the release added.
The development comes amidst a heated debate within and outside Parliament over new land law.
It may be noted that the company has already scrapped its plan to set up a steel plant in Odisha.