UK-based Mittal Steel on Wednesday said it was undertaking a technical visit to Jharkhand for studying the potential of investment in the metal and mining sector.
"Mittal Steel is in talks with the Jharkhand government relating to a project and is currently making a technical visit to the region to make a more detailed study of any potential investment," the company said in a statement in Kolkata.
The company, however, denied media reports saying it would invest about Rs 40,000 crore (Rs 400 billion) in the state, and said "No decision has been taken by Mittal Steel as to whether it will proceed with the investment."
It said the financial details of the project was yet to be arrived upon. The current study would help the world's largest steel company to examine investment potential in the steel sector.
If the company decides to invest, it would be the first investment by L N Mittal in the country. In 2004, Mittal Steel recorded a total revenue of $22.2 billion and shipped 42.1 million tonnes of steel.
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