Connecting over 25 millions NRIs worldwide
Most trusted Name in the NRI media
NRI News


UK NRI Mittal (ArcelorMittal), steel tycoon to invest USD 25 billion in India

Mumbai, April 20, 2008
Sohan Singh

President and CEO of the world's largest steel company Arcelor-Mittal is very interested to invest about US $25 billion in the country, according to our sources This investment is besides of USD 10 billion each in Orissa and Jharkhand on 12 million tonnes Green Field Steel Project each.

Malay Mukherjee who was appointed as one of the six members of the company's group management board after the merger between Arcelor and Mittal steel in 2006, said:

  • India is one of the star performers and we are very bullish about it.
  • We are also working in joint venture in Chennai in stainless steel, mainly for the automotive sector
  • Now, the company's catapult production is 110 million tonnes from 1.3 million tonnes in 1993
  • We do understand the issues which arise in India when going in for such heavy investments. We do understand it is not going to be a smooth; there would be road blocs, there would be protests and hindrances but we are confident that all these matters make our resolve even stronger to succeed. 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. Efforts will be made to blend our products with the culture of the place
  • We also set aside USD 200 to 300 million for rehabilitating people who would be displaced after land acquisition for the projects.
  • For Jharkhand project, land and allocation has been made.
  • In Orissa we almost on the final stage

On May 13, 2008, Malay Mukherjee will be retired but will continue as Non-Executive member of the Board.





UK NRI Mittal

UK NRI Mittal, steel tycoon