Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
  • DSP Mutual Fund
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now

ArcelorMittal plans solar farm on steel plant land in K'taka

World's largest steelmaker ArcelorMittal may set up a solar farm on land alloted to it for the proposed 6 MT Karnataka project in view of excess global steel capacity and delays in securing raw materials.

February 26, 2017 / 03:25 PM IST

World's largest steelmaker ArcelorMittal may set up a solar farm on land alloted to it for the proposed 6 MT Karnataka project in view of excess global steel capacity and delays in securing raw materials.

The company had entered into a pact with Karnataka government for setting up a 6 million tonnes (MT) steel plant with a captive 750 MW power plant at an estimated investment of USD 6.5 billion.

"In view of excess capacity of steel world-wide and uncertainty in iron ore availability locally, the company is also exploring the possibility of utilizing the land in Karnataka for the establishment of a solar farm for generating solar energy," the global steel giant has said in its latest report.

ArcelorMittal India has received possession certificates for 2,659 acres of private land following the acquisition of 1,827 acres and 832 acres in December 2011 and October 2012, respectively, it said.