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NRI, Mittal to invest 134mn pounds in Mexico & 5 billion pounds at Jharkhand, India



Mittal Steel owned by NRI billionaire Lakshmi Mittal, plans to invest 134 million pounds in Mexico over the next three years, company sources said.

The investment would be spent on diversifying products and boosting energy efficiency at its plant in the western Mexican state of Michoacan, operations director Jose de Jesus Fernandez said.

Mittal's Lazaro Cardenas plant manufactures products used to make flat steel and has an annual production capacity of four million tonnes.

Fernandez said the company planned to build a finished-products plant and was exploring potential iron ore deposits.

Mittal Steel this week announced plans to build a 12-million-tonne steel plant in India's Jharkhand state at an investment of 5 billion pounds


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NRI Mittal, third-richest world's billionaires, adding 18.8 billion dollars to his net worth Sep.30, 2005. He is just behind Microsoft's Bill Gates and Berkshire Hathaway's Warrant Buffett