Mittal says investment plans announced for India unchanged

Mittal says investment plans announced for India unchanged

Steel Tycoon Lakshmi Mittal during a Rotary Club function in Mumbai on Thursday. PTI

Investment plans already announced (in India) remain unchanged and "we are not exiting from these projects," Mittal told reporters on the sidelines of a Rotary Club function, here on Thursday.

Mittal, however, said that though he was keen to invest in India, he was "not satisfied" with the pace of the progress of his projects.

Arcelor Mittal, which accounts for 10 per cent of global steel capacity has signed an MoU with the Jharkhand and Orissa State Governments in 2005 for setting up 12-million tonnes per annum capacity steel plants in the two states.

"The progress in the proposed projects is not satisfactory either for me or for the company," the steel tycoon said.

The projects are yet to take-off due to a host of regulatory issues including land acqisition.
Arcelor Mittal has not yet zeroed-in on any particular location for its next investment in India. The steel giant was, however, interested in further investing in India as emerging economies were taking the lead in driving up demand, he said

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