ArcelorMittal has said, "In view of excess capacity of

steel world-wide and uncertainty in iron ore availability locally, the company is also exploring the possibility of utilising the land in Karnataka for the establishment of a solar farm for generating solar energy."

The steel giant in June 2010 had signed an MoU with the Karnataka government to set up a 6 MTPA greenfield project at Kuditini in Bellary, Karnataka.

After failing for over a decade to set up plants in Odisha and Jharkhand, ArcelorMittal had signed the pact with the Karnataka government for the plant but the same is yet to take off.

While the company is facing raw material security issues in Karnataka, the projects in Jharkhand and Odisha were marred by delays.

In 2016, ArcelorMittal had a revenue of USD 56.8 billion and crude steel production of 90.8 million tonnes, while own iron ore production reached 55.2 million tonnes.

ArcelorMittal is listed on several stock exchanges including New York, Amsterdam, Paris and Luxembourg.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)