Villagers ready to sell land to ArcelorMittal

Villagers at the site of ArcelorMittal's proposed $8.8-billion steel plant are now ready to sell land to the company.

The move could be the first instance of a global-resources company managing to acquire factory land without a major conflict with locals.

ArcelorMittal agreed to pay the villagers about 500,000 Indian rupees per 0.4 hectare ($10,680 an acre).
Five years ago, the world's largest steelmaker by output signed a deal with the government in the eastern Jharkhand state to set up the factory. Since it could not to buy land in the Torpa-Kolebira region because of protests from activists and local land owners, it decided in March to shift the site to the Bokaro district, where villagers were more willing to negotiate.

The three villages put together could make up the 2,500 acres for the 12-million ton ArcelorMittal steel plant.