ARCELORMITTAL PLANS A SOLAR FARM IN KARNATAKA WITH AN INVESTMENT OF $6.5 BILLION
ArcelorMittal envisages setting up a solar farm in Karnataka. The NRI billionaire Lakshmi Mittal-led company had in June 2010 entered into a pact with the Karnataka government to set up a 6 million tonne steel plant with a captive 750 MW power plant, with an investment of $6.5 billion. The solar farm may come up on the land allotted to the world’s largest steelmaker for the proposed project. It is reported that the company has decided to go ahead with the solar farm in view of excess global steel capacity and delays in securing raw materials. Incidentally, the company’s projects in Odisha and Jharkhand have also been marred by delays.