The company’s Indian-born chairman, Lakshmi Mittal, says he will invest more than 300bn rupees ($6.5bn) in the plant in eastern Orissa state.
The steel plant will be Mr Mittal’s first in his native country.
Orissa is one of India’s mineral rich states and South Korean steel giant Posco is also planning a $12bn plant there.
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Comment: Is Mittal anxious & in a hurry to invest for his very time in his home Country just because the South Koreans have beaten him in his acquisition race in recognising his own Country’s potential earlier than he did and have invested twice as much as he may be?