Monday, October 5, 2009

Mittal set to quit $20bn Indian steel project

LONDON, UK -- "Lakshmi Mittal is close to pulling out of a $20bn plan to build two large steel plants in India – the centrepiece of efforts by one of the world’s most prominent industrialists to expand in the country of his birth. Delays in persuading farmers and others to sell the land he needs for the developments in the states of Jharkand and Orissa are 'unacceptable,' the chairman and main owner of the ArcelorMittal steel company told the FT. 'If we cannot make progress in these two sites we will have to abandon the idea of starting the projects there and look for other places in India for our expansion,' Mr Mittal said,"

-- Peter Marsh, Financial Times.

1 comment:

  1. This is a good decision made by Mittal, India comes under the list of few countries tht have good agricultural land.