The Karnataka government today said ArcelorMittal has agreed to pay Rs 350 crore to farmers whose land is being acquired for its Rs 30,000 crore steel project in the state.
"The company has already deposited Rs 267 crore with the Karnataka Industrial Area Development Board (KIADB) and we expect to transfer the land to it soon after disbursing the the amount among 1,000 farmers in the next two months," State Principal Secretary, Industries, VP Baligar told PTI over phone.
The state government is acquiring about 4,000 acres in Bellary district for the 6 million tonnes per annum (MTPA) project being put up by global steel major.
He said the land price has been fixed between Rs 8 lakh and Rs 16 lakh per acre.
"We have reached an understanding on the price for land. This is a significant progress on the project," ArcelorMittal spokesperson said, adding the ground breaking ceremony would take place soon after physical transfer of land.
The company's mega Rs 1 lakh crore steel project in Orissa and Jharkhand is stuck in delays and controversies over land acquisition and it has been scouting for investment in other destinations.
