Mittal firm on plans of $20b steel plant in India
Pallab Bhattacharya, New Delhi
World's largest steelmaker Arcelor Mittal has said it is firm on course in setting up two steel plants in India with a total capacity of 24 million tones at an investment of about 20 billion dollars. Laxmi Niwas Mittal met India's Steel and Mines Minister Ramvilas Paswan here on Wednesday discussing the fate of his proposals and will also meet the Chief Ministers of Jharkhand and Orissa in the next few days on the issue. Mittal told reporters here that he is "fully committed to the two projects and I am confident of coal, iron ore and land and there is an assurance from the government". However, Mittal's plans have got stuck in debate whether his company would be allowed access to iron ore reserves in Jharkhand and Orissa where South Korean steel major POSCO also plans to set up a steel plant with an investment of Rs 52,000 crore, the biggest FDI in India. Mittal, who is in India to discuss the company's steel and petroleum projects, said his company would welcome any discussion with SAIL for sharing of its expertise in steel-making. The investment by Mittal is the first and the biggest FDI in India's petroleum refining sector, Deora said.
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