
In a major setback to India\'s foreign direct investment initiatives, the world\'s largest steel maker, ArcelorMittal, has abandoned a 12 billion U.S. dollar project of building a steel plant in the eastern state of Odisha, citing indefinite delays in acquiring land and an iron ore mine. The company, headed by Indian-origin steel magnate Lakshmi Mittal, had in 2006 agreed to manufacture 12 million tonnes of steel a year in Odisha. But it has now decided to scrap the plan, close to the heels of South Korean steel giant Posco scrapping a 5. 3 billion U.S. dollars project in southern India. \"ArcelorMittal has not been able to acquire the requisite land for the steel plant, nor has it been able to ensure captive iron ore security, which is a necessary requirement for the project,\" the company has said in a statement. \"Therefore, taking into account the current economic climate, ArcelorMittal has concluded it will no longer be pursuing its plans for a steel plant in Keonjhar (in Orissa) at this stage,\" it added. Farmers in Keonjhar have been protesting against the forceful acquisition of land by the state government for ArcelorMittal, saying they are being compelled to sell land at below market rate.
GMT 09:43 2018 Tuesday ,23 January
Global unemployment down but working poverty rampantGMT 15:13 2018 Sunday ,21 January
All you need to know about Davos 2018GMT 22:33 2018 Saturday ,20 January
Calls for action over dirty money flowingGMT 04:42 2018 Saturday ,20 January
Storm caused 90 mn euros in damage: Dutch insurersGMT 07:06 2018 Friday ,19 January
China economy rebounds in 2017 with 6.9% growthGMT 11:35 2018 Thursday ,18 January
'Massive' infrastructure spending needed in AfricaGMT 14:29 2018 Wednesday ,17 January
GE takes one-off hit of $6.2 bn linked to insurance activitiesGMT 18:55 2018 Tuesday ,16 January
London stock market edges to new high

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor