UK NRI
Mittal (ArcelorMittal),
steel tycoon to
invest USD 25 billion in India
Mumbai, April 20, 2008
Sohan Singh
President and CEO of the world's largest steel company Arcelor-Mittal
is very interested to invest about US $25 billion in the country,
according to our sources This investment is besides of USD 10
billion each in Orissa and Jharkhand on 12 million tonnes Green
Field Steel Project each.
Malay Mukherjee who was appointed as one of the six members of
the company's group management board after the merger between
Arcelor and Mittal steel in 2006, said:
- India is one of the star performers and we are very bullish
about it.
- We are also working in joint venture in Chennai in stainless
steel, mainly for the automotive sector
- Now, the company's catapult production is 110 million tonnes
from 1.3 million tonnes in 1993
- We do understand the issues which arise in India when going
in for such heavy investments. We do understand it is not going
to be a smooth; there would be road blocs, there would be protests
and hindrances but we are confident that all these matters make
our resolve even stronger to succeed. we still have fire in
our belly and one of the areas where we do believe that a lot
still needs to be done is definitely India. Efforts will be
made to blend our products with the culture of the place
- We also set aside USD 200 to 300 million for rehabilitating
people who would be displaced after land acquisition for the
projects.
- For Jharkhand project, land and allocation has been made.
- In Orissa we almost on the final stage
On May 13, 2008, Malay Mukherjee will be retired but will continue
as Non-Executive member of the Board.