Spotlight on Bellary at Global Investors Meet

The Karnataka government is expected to make a formal announcement offering iron ore leases on nearly 5000 acres in Bellary for investors who are going to set up steel plants in the region. Lakshmi Mittal of ArcelorMittal is likely to be the star among the investors,having already laid the groundwork for a Rs 30,000 crore,six million-tonne per-annum steel plant at Bellary.

Korean steel giant Posco is also expected to be among the big stars though its negotiations with the government for setting up a Rs 32,000 crore six MTPA steel plant have fallen through with the government refusing to guarantee a mining lease to go with the steel plant.

The government will offer 50,000 acres for industries from the controversial land bank of the government. “We have identified about 90,000 acres for industries,of which acquisition has been initiated for about 40,000 acre for creation of a land bank,’’ chief minister Yeddyurappa said .

Infrastructure projects,including the Rs 6,000 crore high-speed rail link to the new Bangalore International Airport,will make a large bulk of the Bangalore investments.