Tata Steel to set up Rs 30,000 crore plant in Karnataka

PTI

Bangalore, 07 June 2012: Tata Steel today announced its plans to set up a Rs 30,000 crore steel plant in Karnataka as the government-sponsored Global Investors’ Meet (GIM) 2012 commenced here with the State laying a red carpet for potential investors.

 

The six million tonnes per annum capacity plant would come up up Haveri district, the company’s Vice-Chairman, B Muthuraman, said at the inauguration function.

 

CMD of  Aditya Birla Group, Kumar Mangalam Birla said the Group proposed to invest Rs 7,000 crore in the State, including for setting up a four million tonne per annum capacity cement plant at a cost of Rs 2,750 crore.

 

Karnataka Government officials said before the event that the State aims to sign MoUs envisaging an investment of Rs six lakh crore during the GIM being held to showcase the State’s investment potential.

 

At the inauguration, Chief Minister D V Sadananda Gowda said during the GIM 2010 the State signed 389 MoUs with (envisaged) investments amounting to Rs 3.92 lakh crore, of which more than 72 per cent of the projects are in various stages of implementation.