ArcelorMittal hopes to start work on India projects this year

New Delhi, Apr 29 (PTI) Non Resident Indian billionaire L
N Mittal-led ArcelorMittal on Thursday said that it expects to
start work on its India projects worth Rs 1 lakh crore later
this year.
"On India, I believe, we are making good progress on the
greenfield projects and hope to break-ground later this year,"
ArcelorMittal Chief Financial Officer Aditya Mittal said
in a conference call.
Asked if the company is looking at mergers and
acquisitions to expand its India base, he said, "We have a
joint venture with Uttam Galva. We are sensing whether we
should have any other partnership in India. But at this point
of time there is nothing off the ground."
It is, however, understood that the company has
approached firms like the Steel Authority of India Ltd,
Bhushan Power and Steel for a possible partnership due to the
inordinate delays in launching its projects worth Rs 1 lakh
crore for the past five years.
ArcelorMittal had proposed to set up a 12-Million Tonne
Per Annum (MTPA) new steel plant, one each in Indian states of
Jharkhand and Orissa. But the proposed ventures are facing
delays mainly on account of problems in land acquisition and
regulatory hurdles.
Faced with tribal protests in Khunti and Gumla districts
in Jharkhand, ArcelorMittal is now looking at Petarwar in
Bokaro district as the new site for the plant.
The project requires around 8,000 acres of land.
On the raw material front, the Indian government recently
granted a licence to prospect iron ore in Jharkhand to the
world's largest steel maker to partly feed the proposed plant.
The Mines Ministry has sought clarification from the state
government on granting similar rights to the company in
adjoining areas.
The company is learnt to have started shifting its
employees to other location from its proposed site in Orissa.
It proposes to set up a 12-MTPA plant in the state and
requires over 10,000 acres of land.
Amid the delays in starting work on the integrated
proposed projects, the company had last year entered into
partnership with domestic firm Uttam Galva, marking its first
operational presence in the country.
The company is also exploring opportunities to set up a
Rs 30,000 crore steel plant in Karnataka. PTI SCV
KAB