New Delhi:: ArcelorMittal chief L N Mittal has said he will not give up his Rs1 lakh-crore India projects though he is disappointed at the delays the company is facing in securing regulatory approvals.
“We are not going to give up,” Mittal said in an exclusive interview with PTI, expressing disappointment at the “progress made so far.”
ArcelorMittal wants to cash in on the demand for steel in India but said it is constrained by the delays in getting mining and environmental clearances for the projects.
“We are losing the opportunity of participating in India’s growth. We are committed to the country. We have been working on this project for several years. We have a team already in India which is all the time working on it,” he said over phone.
Asked if the company is considering acquisitions, Mittal said, “takeover is not the idea for India.”
The world’s largest steel producer is working on modalities to set up two 12-million tonnes per annum steel mills, one each in Jharkhand and Orissa.
“I think we are in constant dialogue with all the government authorities and bureaucrats. Whenever I have a chance I appraise them of the progress that we are making,” Mittal said.
Asked if the present value of the ArcelorMittal share is the real intrinsic value of the company or just a perception, Mittal said, “It is a very difficult question to answer.”
“But I will tell you that if a greenfield project has to be built, it costs anywhere between $1,500 per tonne (and) upwards to build one tonne of steel capacity.
“And today ArcelorMittal has 120 MT in 2007 and plus it has mining...distribution...just to give you a ballpark figure,” he added.