Karnataka witnessed massive investments in the steel sector at the first day of Global Investor?s Meet (GIM) when top global players signed many MoUs with the state. The steel companies have committed to invest more than Rs 1.2 lakh crore in the state.
Apart from ArcelorMittal?which will invest Rs 30,000 crore to set up a six mtpa steel plant?many other firms have expressed similar interest. Brahmani Industries Karnataka Ltd, which has proposed to set up a 6-mtpa integrated steel plant with a captive power plant, will inject in an investment of Rs 36,000 crore. Brahmani?s project has potential of creating 25,000 jobs, according to officials.
JSW Steel has plans to invest Rs 15,131 crore to enhance its existing steel mill capacity?to 16 mtpa from 10 mtpa while setting up a 600 mw captive power plant. This will create 6,000 jobs in Bellary district, the company said.
With a proposed investment of Rs 17,760 crore, Hazira Steel has signed a MoU with the government to establish a manufacturing unit for carbon steel products with 6 mtpa capacity in Bagalkot district. The government said the project would create nearly 10,000 jobs.
Surya Vijayanagar Steel & Power Ltd proposed to invest Rs 24,000 crore for 6-mtpa integrated steel manufacturing facility with 500 mw captive power plant in Bagalkot, creating employment opportunity for 12,000 people. Kalyani Steels Ltd will invest Rs 149 crore to set up low ash metallurgical coke and power plant.