Karnataka govt approves Mittal's Rs 30K cr steel plant

RELATED NEWS ArcelorMittal to set up plant in Karnataka for Rs 30K cr Mukesh Ambani tops LN Mittal in Forbes' India rich list Nifty BSE | NSE 10/02/12 Are Mutual Funds betting on Nifty?

The Karnataka state government has approved ArcelorMittal's proposal for a Rs 30,000 crore steel plant of 6 million tonne. It has assured the global steel behemoth of land, water, and power support. "We have shown them three sites, of which they will finalise one."

The plant is expected to generate employment for 10,000 people. It will require 4,000 acres and will have a captive power plant also.

Commenting on the same, L N Mittal, Chairman and CEO, ArcelorMittal, says, "Our team had a constructive and positive meeting in response to an invitation from the Karnataka government. Karnataka is one of the most progressive states in India and therefore is an ideal place to build a world class steel plant.  The state government understands that India will continue to have a growing demand for steel and is keen to participate in this growth potential. We look forward to working closely with the state government as the project progresses.  It will be an honour for ArcelorMittal to be a part of Karnataka's industrial development."