ArcelorMittal upbeat on India, to invest $25 bn
ArcelorMittal, the world's largest steel maker, is "very bullish" about India and is committed to invest nearly $25 billion in the country. Crucial year of business
By PTI |
LONDON: ArcelorMittal, the world's largest steel maker, is "very bullish" about India and is committed to invest nearly $25 billion in the country, according to a top company official. "India is one of the star performers and we are very bullish about it. We are committed to invest nearly $25 billion," Malay Mukherjee, member of the group management board of the company said.
Besides investing $10 billion each in Orissa and Jharkhand on 12 million tonnes steel project each, the company proposes to have more customer-oriented projects such as service centres in the country. "We are also working in joint venture in Chennai in stainless steel, for the automotive sector," Mukherjee said.
Besides investing $10 billion each in Orissa and Jharkhand on 12 million tonnes steel project each, the company proposes to have more customer-oriented projects such as service centres in the country. "We are also working in joint venture in Chennai in stainless steel, for the automotive sector," Mukherjee said.
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Hailing the vision of NRI steel tycoon LN Mittal which enabled the company to catapult from a production of 1.3 million tonnes in 1993 to 110 million tonnes now, Mukherjee said, "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."
ArcelorMittal is putting up two steel plants of 12 million tonnes capacity each in Orissa and Jharkhand at a total cost of $20 billion.
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