ArcelorMittal to invest $25 billion in India: Top company official

ArcelorMittal to invest $25 billion in India: Top company official
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First Published: Sun, Apr 20 2008. 03 29 PM IST
Updated: Sun, Apr 20 2008. 03 29 PM IST
PTI
London: ArcellorMittal, 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 told PTI.
Besides investing $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 a 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 $20 billion.
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First Published: Sun, Apr 20 2008. 03 29 PM IST