Press Esc to close
Tuesday 24 May 2016
News updated at 11:21 AM IST
Weather
Max: 34.1°C
Min : 22.7°C
In Bengaluru
Sunny day
Breaking News

India is not my top priority for investment: Mittal

Ahmedabad, Mar 23, 2013 (PTI)
Ahmedabad: Chairman and Chief Executive Officer of ArcelorMittal Lakshmi Mittal arrives to attend the annual convocation of IIM-A in Ahmadabad, on Saturday. PTI Photo

Unhappy over delay in getting clearances for his projects, the world's largest steelmaker L N Mittal today said India was not his top priority for investment.

Speaking to newsmen on the sidelines of convocation of Indian Institute of Management, Ahmedabad(IIM-A), where he was the chief guest, Mittal said "I do not want to give you any timeline about my Indian projects... experienced so much of delay."

".. India is not in my top priority for investment, it is top priority as a country but not a top priority for investment," Mittal said.

ArcelorMittal, the steel giant belonging to L N Mittal, had inked an MoU with Orissa government in December 2006 to set up a 12 mtpa steel plant in Keonjhar district at an investment of Rs 40,000 crore but it has been facing delay.

Another project of the company in Jharkhand is also facing delay.

Meanwhile, sharing his global outlook on steel, Mittal said that despite the European steel demand being down by 30 per cent, emerging countries like India and China as also Africa will continue to do well.

According to him, global steel demand would continue to grow at around 3.5 per cent.

"Inspite of the fact that European steel demand is down by 30 per cent... there are many countries around the world like American region, emerging markets like India, China, Africa, all these countries will continue to grow," Mittal said adding globally the demand for steel would continue to grow at 3 to 3.5 per cent.

Mittal in his convocation address highlighted that European steel demand was down 30 per cent compared with pre crisis levels and it is not expected to return to pre-crisis levels even by 2020.

"We have to take action to re-size our operating footprint to the reality of the demand scenario," he told a large gathering at IIM-A.


Go to Top

Photo Gallery
Tamil Nadu Governor K Rosaiah after the oath of secrecy to Chief Minister  J Jayalalithaa at the ...

Tamil Nadu Governor K Rosaiah after the oath of secrecy to Chief Minister J Jayalalithaa at the ...

Wailing relatives paying floral tributes to the three policemen who were shot dead by militants ....

Wailing relatives paying floral tributes to the three policemen who were shot dead by militants ....

School students performing band show during passing out parade at the Sheeri Training Centre in  ...

School students performing band show during passing out parade at the Sheeri Training Centre in ...

Village women carry earthen pots & plastic containers to collect drinking water on Hot summer day...

Village women carry earthen pots & plastic containers to collect drinking water on Hot summer day...

BJP workers busy putting party posters in the streets of Guwahati on Monday, on the eve of oath ....

BJP workers busy putting party posters in the streets of Guwahati on Monday, on the eve of oath ....

Members of Communist Party of India (Marxist) staged a protest against BJP-RSS for the attack on ...

Members of Communist Party of India (Marxist) staged a protest against BJP-RSS for the attack on ...

Cyclists pedal during the 14th stage of the Giro D'Italia, Tour of Italy cycling race...

Cyclists pedal during the 14th stage of the Giro D'Italia, Tour of Italy cycling race...

Bayern's Robert Lewandowski holds up the trophy after the German soccer cup...

Bayern's Robert Lewandowski holds up the trophy after the German soccer cup...

A man walks on a road flooded with rain water at Khurai Lai Wangma, Imphal East on Sunday...

A man walks on a road flooded with rain water at Khurai Lai Wangma, Imphal East on Sunday...

Bollywood actor Shilpa Shetty with husband Raj Kundra celebrate their son Viaan's birthday...

Bollywood actor Shilpa Shetty with husband Raj Kundra celebrate their son Viaan's birthday...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523