Billionaire L.N. Mittal has said that India is an “interesting place” for ArcelorMittal and his steel company will prefer developing countries like India to start its new factories.
He said, “We do not plan to move our operations from Europe but clearly ArcelorMittal’s ratio of businesses will move more towards developing economies. We will build new plants there and we will grow those businesses faster than those in Europe and North America. For us, the most interesting places to be will be India and Brazil.”
Mittal seemed concerned over slow growth prospects in European market and said that he feels Indian and Chinese economies have recovered from the economic crisis very fast. In such a scenario, ArcelorMittal wants to bring all their new factories to developing economies, especially India and Brazil.
He said, “In India, we plan to build green field projects. We hope that soon we will be able to commence construction at one of the sites. We have identified sites but the approval and mining concessions processes are still under way.”
Mittal had told in Februray that his company is “anxious” to start the proposed projects in India. The company plans to invest Rs 1.30 lakh crore in the country in to three steel plants, two of which will be in Orissa and Jharkhand. But these projects are regulatory and land acquisition hurdles.
The company is planning 6MTPA plant in Karnataka which will be an investment of Rs. 30,000 for the company. Amidst the delays in commencement of its other steel projects, the company has marked its presence in India with a joint venture with Uttam Galva, a domestic steel company.
While talking to a British newspaper, Mittal said, “India was poised to emerge as one of the world’s most important economies.” He added, “India is emerging as a very important place. We have seen the role it is playing in the G20 group of the world’s most advanced and emerging economies and in the WTO. I think India will have a very important role going forward. There’s a lot of domestic potential to grow and it is much more liberal and open for foreign investors.”
Mittal said, “India needs a lot of industrialisation, a lot of growth and development. But, with its demographic of younger generation, I am very confident of India’s future in the world space.”
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