Steel companies such as ArcelorMittal, JSW Steel Limited and Hazira Steel Limited Thursday signed MoUs with the south Indian state Karnataka
Government for investment of more than Rs 1 lakh crore on new projects in the state.
ArcelorMittal, the world's biggest steel producer, proposed to invest Rs 30,000 crore on setting up a six million tonnes per annum integrated steel plant, along with a 750-MW
captive power plant, in Bellary district. The project will generate employment for 10,000 locals.
The MoU was inked in the presence of Karnataka Chief Minister B S Yeddyurappa and the Chairman and CEO of ArcelorMittal, Lakshmi N Mittal, at the two-day Global Investors' Meet organised by the Karnataka government.
JSW Steel proposed to invest Rs 15,131.70 crore to enhance the installed capacity of its integrated steel plant in Bellary district from 10 MTPA to 16 MTPA, as well as set up a 600-MW captive power plant.
With a proposed investment of Rs 17,760 crore, Hazira Steel Limited plans to establish a plant for carbon steel products with a capacity of six million tonnes per annum in Bagalkot district.
In addition, Brahmani Industries Karnataka Limited plans to set up a Rs 36,000 crore integrated steel plant with six million tonnes per annum capacity and a captive power plant in
Bellary district, which will generate employment for 25,000 people.
Furthermore, with an investment of Rs 24,000 crore, Surya Vijayanagar Steel & Power Limited proposed to set up a 6-MTPA steel plant with a 500-MW captive power plant in Bagalkot
district.
At the inaugural session on the first day of the GIM, 29 companies signed 41 MoUs with the Karnataka government. These included Rajshree Cements' Rs 3,000 crore capacity expansion
of its cement and captive power plants and Infosys
Technologies Limited's proposed Rs 2,250 crore software development centre. Wipro signed an MoU to set up a Rs 537 crore software development centre and employees residential facility here.
Speaking at the inaugural function, Chief Minister B S Yeddyurappa said: "Nearly 400 investors (all sectors put together) will be signing the MoUs with us today(Thursday) and
tomorrow (Friday) for implementation of their projects with an investment of over and above Rs 3.5 lakh crore and employment for about 6.5 lakh people."