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Friday, January 22, 2010

Investment plans announced for India unchanged: LN Mittal

Global steel major, Arcelor Mittal, has not yet zeroed-in on any particular location for its next investment in India, Arcelor Mittal's chief, LN Mittal said today.

"We have not decided yet about the location. It could be Orissa, Maharashtra, Jharkhand or Karnataka," Mittal told reporters on the sidelines of a function organised by the Rotary Club here today.

Investment plans already announced remain unchanged, he said, adding "we are not exiting from these projects."

Though keen to invest in India, Mittal, however, was "not satisfied" with the pace of progress of his projects.

Arcelor Mittal, which accounts for 10 per cent of global steel capacity has signed an MoU with the Jharkhand and Orissa State Governments in 2005 for setting up 12-million tonnes per annum capacity steel plants in the two states.

"The progress in the proposed projects is not satisfactory either for me or for the company," the steel tycoon said. The projects are yet to take-off due to a host of regulatory issues including land acquisition.

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