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Steel magnate L N Mittal on Thursday proposed setting up a Rs 30,000 crore (Rs 300 billion) integrated steel plant in Karnataka when he called on the southern state's Chief Minister B S Yeddyyurappa.
Mittal, who leads the world's largest steel maker ArcelorMittal, has shortlisted different sites near the iron ore rich-belt of the state for the estimated six million tonne per annum plant, a Karnataka government official said.
The project would also include a 750 MW captive power generation plant. Iron ore mines are located at Bagalkot, Bijapur, Bellary and Kopal. The company requires 4,000 acres of land, which will be allotted by the Karnataka Industrial Area Development Corporation, the official said, adding that about 10,000 people would be employed in the proposed plant.
ArcelorMittal, which accounts for over 10 per cent of the global steel capacity, has already announced two plants with a combined capacity of 24 MTPA in Orissa and Jharkhand, but no progress has been made even after four years mainly because of problems over land acquisition.
The Karnataka project, which is in addition to the two already announced, has been approved by a high level committee of the state government.