ArcelorMittal signs Bokaro greenfield project deal

Mumbai, Sep 22: After a long waiting for four years, finally Steel giant ArcelorMittal signed a Memorandum of Understanding (MoU) with the Bokaro villagers for its 12-million-tonne greenfield project on Sep 22.

ArcelorMittal senior official informed, "We have got the binding MoU with villagers for over 300 acres. We hope to get MoUs for the remaining 1,000 acres by Dec (2010)."

As Economic Times reported, the company is also in the process of collecting land documents from villagers which will be followed by sale-purchase agreements and registration of the land.

The official also stated, "Immediately after the land is registered, the family will be paid Rs 5,000 per month as annuity, till the time the eligible person gets the job."

His statement also added, "Anyone not willing to take up the job will continue to get a payment of Rs 5,000 per month, for 30 years, as per the R&R policy."

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