Karnataka going to be Steel capital of India

Mangalore Today

Bangalore, Jan 6:With cash flush global and domestic steel majors coming to Karnataka, the Stat, may soon upstage others in the country to turn into steel capital of India.

 

 

Spearheaded by world number one steel conglomerate ArcelorMittal, world’s fourth largest steel producer Korean chaebol’s Posco India Private Limited, nearly 11 high profile steel proposals received ‘in principle’ clearance on Tuesday.

While Arcelor Mittal India Limited, yet to zero in on its site and has conducted recce of Bagalkot, Bijapur and Bellary belt, for its six million tonne per annum plant, will bring in whopping Rs 30,000 crore investments generating 10,000 jobs once its goes on stream.

Company officials said the integrated steel, pig iron and pellets plant has proposed a 750 mw captive power plant, sought 4,000 acre of land, 360 metric tonne of iron ore for its ambitious project.

Meanwhile, it is learnt that Steel tycoon Lakshmi N Mittal is likely to meet Chief Minister B S Yeddyurappa in New Delhi to announce ArcelorMittal’s project.  Company sources told Deccan Herald that the project will be funded through internal accruals.  Likewise, Posco India Pvt Ltd, which plans to put up its six million tonne per annum finex steel plant with 400 mw captive power generation at Bellary, will bring in investment of Rs 32,336 crore creating over 20,000 jobs.

Pointing out that their intention currently is exploratory in nature company officials told Deccan Herald that they are focussing on the 12 MTPA green field steel plant near Paradip, Jagatsinghpur District, in Orissa with investment of US$12 billion. Stating they would set up their Karnataka project in two phases, sources said it was incumbent on few conditions being met.

Slew of proposals

Similarly, domestic diversified leader in lighting and steel pipes business Surya Roshni Limited is putting up a 5 MTPA steel plant — styled as Surya Vijayanagar Steels & Power Limited, and may zero in on VADA Region in Bellary or Bagalkot, pumping Rs 20,000 crore and generating employment of 10,000.  Besides these biggies,  Kolkata-based Adhunik Metaliks Limited has proposed Rs 5,568 crore integrated steel plant in Raichur, with 2.2 MTPA capacity resulting in employment for 2,187.