Even as decks are being cleared for recommencement of iron ore mining in Karnataka, following the clearance from a Supreme Court panel, the Karnataka government has initiated the process of allotting fresh mining lease to Arcelor Mittal India.
Arcelor Mittal has proposed to set up a six million tonne per annum steel plant and a 750-Mw captive power plant at an investment of Rs 30,000 crore in Bellary district. It signed a memorandum of understanding with the state government during the Global Investors’ Meet in June 2010.