Steel czar L N Mittal may announce his company ArcelorMittal's Rs 30,000-crore steel project in Karnataka tomorrow after his meeting with the state Chief Minister B S Yeddyurappa.
"Both the Chief Minister and NRI-billionaire may issue a statement on the Karnataka project after the meeting as the state government has accorded in-principle approval to 6 million tonnes steel plant project of the ArcelorMittal in the state," a top Karnataka government official told PTI.
"The formal Memorandum of Understanding will be signed in Bangalore for the Rs 30,000 crore project during the global investors meet on June 3 and 4," the official said.
All regulatory and other clearances are in advance stages of approval while the steel giant representatives have already done a recce of the proposed sites and mines, the official said.
ArcelorMittal officials, however, declined to provide details of the programme.
The company is serious on Karantaka project and this is in addition to the proposed 12 MTPA steel plants each in Jharkhand and Orissa at an estimated investment of Rs 1 lakh crore, a company official said.
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Earlier, a screening committee, constituted by Chief Minister B S Yeddyurappa for expediting the proposals of the steel giant, had cleared the mining lease application of ArcelorMittal.
The steel giant in November last year had short-listed sites in the iron ore-rich Bellary region in north Karnataka for the integrated plant.