Spearheaded by world number one steel conglomerate ArcelorMittal, world's fourth largest steel producer Korean chaebol's Posco India Private Limited, nearly 11 high profile steel proposals received 'in principle' clearance on Tuesday.

While Arcelor Mittal India Limited, yet to zero in on its site and has conducted recce of Bagalkot, Bijapur and Bellary belt, for its six million tonne per annum plant, will bring in whopping Rs 30,000 crore investments generating 10,000 jobs once its goes on stream.

Company officials said the integrated steel, pig iron and pellets plant has proposed a 750 mw captive power plant, sought 4,000 acre of land, 360 metric tonne of iron ore for its ambitious project.

Meanwhile, it is learnt that Steel tycoon Lakshmi N Mittal is likely to meet Chief Minister B S Yeddyurappa in New Delhi to announce ArcelorMittal's project. Company sources told Deccan Herald that the project will be funded through internal accruals. Likewise, Posco India Pvt Ltd, which plans to put up its six million tonne per annum finex steel plant with 400 mw captive power generation at Bellary, will bring in investment of Rs 32,336 crore creating over 20,000 jobs.

Pointing out that their intention currently is exploratory in nature company officials told Deccan Herald that they are focussing on the 12 MTPA green field steel plant near Paradip, Jagatsinghpur District, in Orissa with investment of US$12 billion. Stating they would set up their Karnataka project in two phases, sources said it was incumbent on few conditions being met.

Slew of proposals

Similarly, domestic diversified leader in lighting and steel pipes business Surya Roshni Limited is putting up a 5 MTPA steel plant - styled as Surya Vijayanagar Steels & Power Limited, and may zero in on VADA Region in Bellary or Bagalkot, pumping Rs 20,000 crore and generating employment of 10,000. Besides these biggies, Kolkata-based Adhunik Metaliks Limited has proposed Rs 5,568 crore integrated steel plant in Raichur, with 2.2 MTPA capacity resulting in employment for 2,187.

Other big ticket proposals include Bangalore-based companies like VIC Steels Pvt Ltd's Rs 6,515 crore 2MTPA integrated steel plant at Torangallu Village in Hospet, Bellary creating 4,000 jobs; VSL Mining Company Ltd 1 MTPA plant in Bellary costing Rs 2,510 crore envisaging creation of 724 jobs. Mineral Enterprises Ltd's 0.6 MTPA integrated steel plant in Hassan at a cost of Rs 1,993 crore generating 870 jobs. PMB Metaliks' Rs 1,400 crore 0.50 MTPA integrated steel plant in Tumkur resulting in 1,600 jobs. Krishi Technologies' mini integrated steel plant in Tumkur with investment of Rs 135 crore to create 2,000 jobs.

Bellary-based RBSSN Ferrous Industries Pvt Ltd's 0.6 MTPA iron oxide pellets plant at Vardapur in Bellary at a capex of Rs 266.8 crore generating 160 jobs. New Delhi-based Bhadrashree Steel & Power Ltd's Rs 146.83 crore 2x100 tonnes per day sponge iron plant at Kunikere Village in Koppal district and see jobs for 425. Official sources said once formal MoUs are inked in June during Global Investors' Meet it will be full speed towards fruition of the intentions.

Source: DHNS