ArcelorMittal bullish about investment in India
ArcellorMittal, the world's largest steel maker, is bullish about India and is committed to invest nearly $25 bn in the country.
By PTI |
LONDON: ArcellorMittal, the world's largest steel maker, is "very bullish" about India and is committed to invest nearly USD 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 USD 25 billion," Malay Mukherjee, member of the Group Management Board of the company said.
Besides investing USD 10 billion each in Orissa and Jharkhand on 12 million tonnes Green Field 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, mainly for the automotive sector," Mukherjee said.
Mukherjee, who will retire on May 13 as the executive member of the Board responsible for Asia, Africa, the CIS, mining, stainless and pipes and tubes but will continue as Non-Executive member of the Board, said it has been an exciting journey in ArcelorMittal.
Following the merger between Arcelor and Mittal steel in 2006, Mukherjee was appointed as one of the six members of the company's group management board.
Hailing the vision and leadership of NRI steel tycoon Lakshmi 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 integrated green field steel plants of 12 million tonnes capacity each in Orissa and Jharkhand at a total cost of USD 20 billion.
"India is one of the star performers and we are very bullish about it. We are committed to invest nearly USD 25 billion," Malay Mukherjee, member of the Group Management Board of the company said.
Besides investing USD 10 billion each in Orissa and Jharkhand on 12 million tonnes Green Field 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, mainly for the automotive sector," Mukherjee said.
Mukherjee, who will retire on May 13 as the executive member of the Board responsible for Asia, Africa, the CIS, mining, stainless and pipes and tubes but will continue as Non-Executive member of the Board, said it has been an exciting journey in ArcelorMittal.
Following the merger between Arcelor and Mittal steel in 2006, Mukherjee was appointed as one of the six members of the company's group management board.
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Hailing the vision and leadership of NRI steel tycoon Lakshmi 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 integrated green field steel plants of 12 million tonnes capacity each in Orissa and Jharkhand at a total cost of USD 20 billion.
"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," Mukherjee said.
Asked about the progress made by the company's Indian projects, he said, "As compared to many of our competitors who have also indicated their intentions to build green field sites in India, we believe our progress is certainly better".
"This arises because we live with the people, we understand the culture and that our global experience of having worked both in developed and developing world gives us much better perspective in how to meet the aspirations of the people, society, government and other stake holders," he said.
Mukherjee said the company was emphasising on certain specific aspects In India.
The steel giant intends to develop an ability to understand why so many conflicts have arisen in many of the projects relating to land acquisition, besides bringing in sustainable technology and assets base that would be of highest standard environmentally and energy efficiency wise, he said.
He further said that the company would endeavour to create a work force technically comparable to the best in the world and to create a product range tailor made for the environment in which the products are used.
"Efforts will be made to blend our products with the culture of the place," Mukherjee said.
He said in Jharkhand "we have identified land and allocation has been made. In Orissa we are at the final stages of the Detailed Project Report which defines technology, product, energy balance and other resources."
The company has also set aside USD 200 to 300 million for rehabilitating people who would be displaced after land acquisition for the projects.
Asked about the progress made by the company's Indian projects, he said, "As compared to many of our competitors who have also indicated their intentions to build green field sites in India, we believe our progress is certainly better".
"This arises because we live with the people, we understand the culture and that our global experience of having worked both in developed and developing world gives us much better perspective in how to meet the aspirations of the people, society, government and other stake holders," he said.
Mukherjee said the company was emphasising on certain specific aspects In India.
The steel giant intends to develop an ability to understand why so many conflicts have arisen in many of the projects relating to land acquisition, besides bringing in sustainable technology and assets base that would be of highest standard environmentally and energy efficiency wise, he said.
He further said that the company would endeavour to create a work force technically comparable to the best in the world and to create a product range tailor made for the environment in which the products are used.
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"Efforts will be made to blend our products with the culture of the place," Mukherjee said.
He said in Jharkhand "we have identified land and allocation has been made. In Orissa we are at the final stages of the Detailed Project Report which defines technology, product, energy balance and other resources."
The company has also set aside USD 200 to 300 million for rehabilitating people who would be displaced after land acquisition for the projects.
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