07-08-2006, 01:03 AM
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<b>Mittal to set up $8.5 bn steel unit </b>
Source: IANS.
Bhubaneswar, July 7: After winning the battle to take over rival Arcelor, Indian-born global steel magnate Lakshmi Niwas Mittal Friday said his group will set up a 12-million-tonne steel unit in Orissa with an investment of about Rs.40,000 crore (around $8.5 billion).
"Soon we will sign a memorandum of understanding with the Orissa government for the plant to be build in two phases," he told reporters at the state secretariat prior to his departure to New Delhi. "As I have said, we will focus on China and India to grow."
Mittal, who arrived here at around 9.30 a.m. in his private jet along with top officials of his group, held discussions with Chief Minister Naveen Patnaik and senior officials for over 90 minutes on his investment plans for this mineral-rich eastern coastal state.
The state has attracted other steel companies including the South Korea steel giant POSCO - whose investment plans are however dogged by controversy due to opposition from locals.
Describing Mittal's proposed project as a venture that will create more job in the state, Patnaik said his government would constitute an empowered committee to facilitate the newly announced investment intent.
The owner of Mittal Steel flew in from London to the Biju Patnaik International Airport here, where top state government officials, including Steel Secretary L.N. Gupta, received him and his team.
"Though the Jharkhand government is extending all its cooperation I am not happy with the progress of the project," Mittal said.
Mittal had signed a memorandum of understanding with the Jharkhand government last year to set up a 12-million-tonne steel unit in that state with a proposed investment of Rs.400 billion ($8.5 billion).
The proposed plant in Jharkhand is the first of Mittal's projects in India. The Friday tour is his first India trip after successfully concluding the Arcelor deal that made headlines around the world.
During his visit to New Delhi, Mittal - who is set to acquire European steel giant Arcelor - is expected to meet Prime Minister Manmohan Singh, Petroleum Minister Murli Deora and other federal ministers.
Officials said his scheduled trip to the Indian capital was a "thanksgiving visit" for the support India had extended during his takeover bid for Arcelor, especially by Commerce Minister Kamal Nath.
<b>Mittal to set up $8.5 bn steel unit </b>
Source: IANS.
Bhubaneswar, July 7: After winning the battle to take over rival Arcelor, Indian-born global steel magnate Lakshmi Niwas Mittal Friday said his group will set up a 12-million-tonne steel unit in Orissa with an investment of about Rs.40,000 crore (around $8.5 billion).
"Soon we will sign a memorandum of understanding with the Orissa government for the plant to be build in two phases," he told reporters at the state secretariat prior to his departure to New Delhi. "As I have said, we will focus on China and India to grow."
Mittal, who arrived here at around 9.30 a.m. in his private jet along with top officials of his group, held discussions with Chief Minister Naveen Patnaik and senior officials for over 90 minutes on his investment plans for this mineral-rich eastern coastal state.
The state has attracted other steel companies including the South Korea steel giant POSCO - whose investment plans are however dogged by controversy due to opposition from locals.
Describing Mittal's proposed project as a venture that will create more job in the state, Patnaik said his government would constitute an empowered committee to facilitate the newly announced investment intent.
The owner of Mittal Steel flew in from London to the Biju Patnaik International Airport here, where top state government officials, including Steel Secretary L.N. Gupta, received him and his team.
"Though the Jharkhand government is extending all its cooperation I am not happy with the progress of the project," Mittal said.
Mittal had signed a memorandum of understanding with the Jharkhand government last year to set up a 12-million-tonne steel unit in that state with a proposed investment of Rs.400 billion ($8.5 billion).
The proposed plant in Jharkhand is the first of Mittal's projects in India. The Friday tour is his first India trip after successfully concluding the Arcelor deal that made headlines around the world.
During his visit to New Delhi, Mittal - who is set to acquire European steel giant Arcelor - is expected to meet Prime Minister Manmohan Singh, Petroleum Minister Murli Deora and other federal ministers.
Officials said his scheduled trip to the Indian capital was a "thanksgiving visit" for the support India had extended during his takeover bid for Arcelor, especially by Commerce Minister Kamal Nath.