Tata Steel to set up Rs30,000 crore plant in Karnataka


The six million tonne per annum capacity steel plant would come up at Haveri district in Karnataka

Bangalore: Tata Steel has announced plans to set up a Rs30,000 crore steel plant in Karnataka as the government-sponsored Global Investors' Meet (GIM) 2012 commenced.


The six million tonne per annum capacity plant would come up in Haveri district, Tata Steel Vice-Chairman B Muthuraman said at the inaugural GIM function.


Aditya Birla Group CMD Kumar Mangalam Birla said the group proposed to invest Rs7,000 crore in the state. This includes setting up a four million tonne per annum capacity cement plant at a cost of Rs2,750 crore.


Before the event, state government officials said that Karnataka aims to sign MoUs envisaging an investment of Rs6 lakh crore during GIM 2012 being held to showcase the state's investment potential.


At the inauguration, Chief Minister DV Sadananda Gowda said during the GIM 2010 the state signed 389 MoUs with (envisaged) investments amounting to Rs3.92 lakh crore. Of this amount, more than 72% of the projects are in various stages of implementation, he added.

1 decade ago
Has anybody ever tried to inquire into the dark past of India Cements when it was almost finished before it suddenly resurrected itself as if by the touch of a magic wand--a billion dollar mystery? All those in the know in high places in Tamil Nadu are tight-lipped about it, but someone in the media might perhaps delve into the depths of this rise from the ashes of destruction by an almost dead company?
True Indian
1 decade ago
This also shows why YSR Reddy was so popular with people. Such politicians ( there is one family in Maharashtra too) loot the Govt and like robinhood, disperse among masses a small part. The political Party is impressed by their mass base and lift them up . They do not touch them, even if they know. Otherwise why did CBI came into pictuere only when Jagan Reddy started behaving larger than party? Congress never knew YSR's real nature.
1 decade ago
AP is best in developing innovative ideas both in Science&Technology Advancement as well as in Scams like these.
a v moorthi besides TIHAR
1 decade ago
BCCI chief is notorious for his deal makings. rather it is surprising why enforcement directorate is not after him for FEMA violations in IPL saga. this particular case regarding investments in group of companies held by Jagan is devoid of any merit because all investments will be duly approved by Board members of the investing company. if any thing only FI who have lending stake in companies of Srinivasan can seek clarifications but now even they cannot do because that will land officials of FI into trouble for failure of post release monitoring with specific reference to end use of funds.
sohan modak
1 decade ago
I am sure that the business model described above is favorite of many politicians and must have been in practice for quite some time in Maharashtra, Karnataka, Tamil Nadu, and possibly Haryana. And guess who would be involved?
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