Jharkhand to speed up Mittal’s project

Ranchi: After the steel Czar of the world, LN Mittal hit out at the Jharkhand government over the slow progress of his project in the state, the officials passed the buck on the slow progress of Mittal's 12 million tonne steel plant back to Mittal Steel, saying that the company was yet to apply for the iron ore mine lease, power and land.

The Mines Minister of Jharkhand, Madhu Kora said on Sunday that the pace of work could be judged only after the applications were given.

Madhu Kora added, "The Jharkhand government is moving in the right direction and will go to the maximum extent to help Mittal Steel set up the greenfield project in the state. We are serious about helping."

Jharkhand government is confident that Mittal Steel would go ahead with its delay-plagued 12 million tonne greenfield project in the state, saying company chairman Lakshmi Mittal has not spelt out plans to pull out while announcing investments in neighbouring Orissa.

"Mittal is a big player who can have more than one plant in India," Chief Minister Arjun Munda said earlier last week.

Citing finalisation of a rehabilitation policy as the reason behind the project getting delayed, he said as the policy aimed at ensuring adequate compensation to displaced tribals is finalised, "the process (clearance for the project) would gather momentum".

He said that his government was fully cooperating with Mittal Steel, which has examined many sites for setting up a plant.

Munda also pointed out that Mittal would have to invest a certain amount of money in the state as envisaged in the MoU signed last year.

Unhappy with the slow progress of work, Mittal announced on Friday that he would invest around Rs 40,000 crore in neighbouring Orissa, but added that he would start work "wherever things move faster."

Munda said, India has set a target of 110 MT tonnes of domestic steel production by 2025 against the present installed capacity of 35 MT. "So, the nation would need large amount of capital to meet this target.

"Jharkhand government would welcome all investments coming to the state," he said.