Tata shelves Rs 15,000 crore project in Karnataka

Tata shelves Rs 15,000 crore project in Karnataka

Tata Metaliks has informed the Karnataka government that it has decided to shelve Rs15,000 crore 3-mtpa integrated steel plant at Haveri.

The company has said it cannot implement and because of non-availability of mines and iron ore.

Speaking in the Assembly, RV Deshpande, Minister for Large and Medium Industries, said, “The company has informed the State government that the project cannot be implemented and has requested for refund of the amount paid for allotment of land.”

Answering to a question by legislator from Haveri, Basavaraj Nilappa Shivannavar, on the status of Tata Metaliks project, the Minister said the Supreme Court’s decision to allot mines only through auction and priority be given to state-owned enterprises in allotment of mines.

“Based on these developments, the company on October 10, 2016, informed the government that the project has become unviable because of non-availability of mines and iron ore,” Deshpande said.