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TechBiz
 
Mittal to set-up steel plants in Orissa, Jharkhand
Sunday, 07.29.2007, 09:43pm (GMT-7)

 NEW DELHI: Global steel tycoon L N Mittal said his company ArcelorMittal would set up fresh steel capacity of 24 million tonne through separate plants in Orissa and Jharkhand, while asking the Centre to expedite allocation of captive mines for the purpose.

After a meeting with Steel Minister Ram Vilas Paswan, Mittal said raw materials and infrastructure support from the government were a must for setting up this capacity -- which is double of the 12 MT capacities he had originally planned to create in India at an investment of Rs 40,000 crore."Till we have raw material linkages, land and other things in place, it will be difficult to say, how much progress we have made in our proposed projects," the richest Indian said when Paswan asked about progress of the projects.Mittal's son and Arcelor Mittal Chief Financial Officer Aditya Mittal said Detailed Project Reports have been prepared after the completion of feasibility study, "but the issue of mining lease remained a sticking point."We have even placed orders for equipments worth USD 15 million. We are waiting for the mining lease."

Paswan said governments of Orissa and Jharkhand should expedite allocation of mining leases and assured Mittal that his ministry would do the needful.He said the Jharkhand government should come out with a solution on allocating iron ore from Chiria mines to Arcelor Mittal. "My ministry is in favors of giving ore from the mines to Mittal's company.

The matter is now being dealt at the highest level and the Prime Minister's Office is also seized of the matter," the minister said."This was the first time after Vizag steel plant that such a large investment has been announced... Government was not geared up for such large investments and the concessions needed thereof," he said.
PTI

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