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ArcelorMittal yet to decide on next India investment location

business Updated: Jan 21, 2010 21:29 IST

World's largest steel maker ArcelorMittal today said it has not yet zeroed in on any location for its next India investment.

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

His comments come weeks after Karnataka gave in-principle approval to set up Rs 30,000-crore steel plant in the state.

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

The company has proposed to set up Rs 1 lakh crore steel projects in Jharkhand and Orissa, which have been delayed for over past four years on account of problems in acquiring land and regulatory bottlenecks.

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

ArcelorMittal, which accounts for 10 per cent of the global steel capacity has signed an MoU with the Jharkhand and Orissa 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.

Karnataka government had earlier this month cleared a Rs 30,000-crore proposal by the steel major to set up a steel plant in the state and is working to grant all necessary clearances to the company in the next 90 days.