New Delhi: Steel tycoon Lakshmi Mittal ruled out reviewing Arcelor Mittal’s plans for India because of the ongoing Singur crisis and said a single standoff like that does not make the country a less attractive investment destination.
“One case of Singur cannot be an example for the world. One can face this kind of problem in any other country. One particular project can face this kind of opposition from people. But the country as a whole is interested in growing,” said Mittal.
“The Singur crisis does not take away India as an investment destination. We are not going to revisit our plans because of Singur,” Mittal said.
Elaborating about Arcelor Mittal’s projects in India, he said: “Our projects in Jharkhand and Orissa are facing 50% cost overruns due to delay in mining and other approvals. The total cost of these projects may raise up to $30 billion.”
Mittal urged the Orissa and Jharkhand governments to expedite approvals. “So far we are getting support from both the governments. The issue is how fast we can execute and implement, and how fast the governments can execute their portion of responsibilities,” he said.
Mittal’s comments came close on the heels of India Inc’s negative reaction on the Singur case, including many companies saying they will reconsider investments in West Bengal if the situation does not improve soon.