ArcelorMittal Withdraws Plea on Karnataka Land Issue

21 Nov 2023 CW Team

ArcelorMittal, the global steel giant, has opted to withdraw its petition filed in the Supreme Court concerning land acquisition in Karnataka for a proposed steel project. This decision marks a significant development in the company's pursuit of establishing a robust industrial presence in the region.

The withdrawal of the plea comes amid evolving circumstances and negotiations related to the acquisition of land for the steel project. ArcelorMittal's move suggests a shift in strategy, possibly driven by ongoing discussions with stakeholders or a reassessment of the project's requirements.

The initial petition filed in the Supreme Court sought legal intervention in matters related to land acquisition procedures, highlighting the complexities often associated with large-scale industrial projects. The withdrawal indicates a willingness on the part of ArcelorMittal to explore alternative resolutions or avenues for progressing with the project in Karnataka.

This development is noteworthy in the context of India's industrial landscape and the steel sector's vital role in the country's economic growth. The withdrawal of the plea does not necessarily imply a cessation of the project; rather, it signals a recalibration of the company's approach, taking into account legal considerations, stakeholder dynamics, and project viability.

As ArcelorMittal navigates this phase, industry observers will closely monitor subsequent actions and announcements to gain insights into the company's revised strategy for establishing a significant presence in Karnataka's industrial landscape. The evolving situation underscores the intricate balance between legal processes, corporate strategies, and the imperative of aligning with local interests in the pursuit of major industrial initiatives.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..