ArcelorMittal seeks nod for Rs30,000-crore steel project in Kartataka

Global steel major ArcelorMittal is seeking Karnataka government permission for setting up a six-million tonne integrated steel plant in the state, involving investment of around Rs30,000 crore.

The green field plant with a captive power generation unit, is expected to come up in three-to-four years once the government permission and all clearances are received, CNBC TV18 reported quoting company sources.

The plant is likely to come up in about 4,000 acres somewhere in iron ore-rich north Karnataka, although the location has not been finalised.

The report said the company has already submitted an application to the Karnataka government and that chief executive of Arcelor Mittal in India Vijay Bhatnagar is likely to meet government officials on 27 November. 

A statement issued by the company, however, did not mention the plant's capacity.

This project will be over and above the Rs100,000-crore projects planned to be set up in Jharkhand and Orissa. Those projects, however, have been facing problems in acquiring land besides regulatory hurdles.

ArcelorMittal said it would disclose more details on cost, capacity and a timeline after it completes technical studies in three to four months.

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