Steel project fail to take off in karnataka

Bengaluru : The Karnataka government,which attracted global steel majors a year ago,has seen little progress in realising their investment.One year after holiding the global investors meet(GIM) in june 2010,the progress in securing clearances of the iron and steel projects,which constituted more than half of the investment proposals,is negligible.

The state had signed MoUs with large steel companies like ArcelorMittal,Posco,Tata Metaliks,JSW,NMDC among others for setting up steel mills with a total capacity of 45 million tonne per annum at a combined investment of Rs 2.53 lakh crore.Many projects are still on paper and held up due to issues of land acquisition and central clearances for mining leases among others.