ArcelorMittal is planning to construct a 600 MW solar farm in Karnataka.
ArcelorMittal had planned constructing a six-million-ton steel plant with a captive 750 MW power project in Karnataka and had received land possession certificates for 2,659 acres of private land following the acquisition of 1,827 acres and 832 acres in December 2011 and October 2012. The company is planning the development of a solar farm to utilize the acquired land. Due to global overcapacity in the steel industry and uncertainty about locally available iron ore a steel plant is not viable at the moment.
The Karnataka Government is considering ArcelorMittal’s proposal and the company is hopeful of receiving a favorable response to the proposal, according to a company release .
Source: Mercom Capital Group, llc
Date: Feb 28, 2017