LN Mittal's $6.5 billion gift to Orissa
Soon after acquisition of Arcelor, India and China are next on Mittal radar.india Updated: Jul 08, 2006 18:19 IST
Unhappy over the progress of its mega steel project in Jharkhand, steel tycoon Lakshmi Niwas Mittal on Friday announced an investment of more than $6.5 billion for setting up a 12-million-tonne project in Orissa.
Fresh from his successful acquisition of European steel giant Arcelor, Mittal began his day-long India visit from Orissa and announced his investment plans immediately after meeting Chief Minister Naveen Patnaik.
On Jharkhand, where his company has sought a Letter of Comfort from the state government to identify iron ore mines, Mittal said, "Though the Jharkhand government is cooperating, we are not happy with the progress there.
"We are weighing our options in Orissa. We want to move fast," he said. Immediately after acquisition of Luxembourg-based Arcelor, Mittal had announced that India and China would be his focus for expansion.
Top state government officials, including state Chief Secretary Subash Pani and Steel Secretary LN Gupta, received him at the airport when he arrived from London around 9.30 am.
Mittal went straight to the Trident Hilton hotel, where he would be staying during his brief visit.