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The year 2006 has been a very good year for the Indian economy. The
economy has grown at a rapid pace and many of companies headed by
Indian and NRIs have made their mark in the international arena. However,
one name which stands out and has made us Indians proud is that of
Rajasthan-born NRI steel tycon Lakshmi Niwas Mittal.
The London-based Indian billionaire industrialist successfully
managed to create the biggest steel company in the world by taking
over one of the largest steel company of the time Arcelor, and merging
it with his company Mittal steel amid stiff resistance.
The two steel companies, Arcelor and Mittal Steel, agreed on a
merger deal valued at around $32.5 billion. The landmark merger
deal will coalesce Arcelor with a fast-growing conglomerate founded
by Lakshmi Mittal, who built a fortune turning around sick steel
plants in rapidly expanding markets from Trinidad to Kazakhstan.
Laxmi Mittal was appointed as the Chief Executive Officer of Arcelor
Mittal, which was born out of the merger. The Board of Directors
unanimously appointed Lakshmi N Mittal as the new Chief Executive
Officer with immediate effect. Mittal will continue in his role
as President of the Board of Directors.
On the appointment, Mittal said, "The overarching priority
for Arcelor Mittal is to successfully integrate the two companies
and deliver the merger synergies and benefits. This is the key focus
for the Group Management Board and me, and one I am confident we
will achieve."
Indian entrepreneurs will hope to soon be able to follow the story
of millionaire Lakshmi Mittal who hit success by buying an ailing
steel firm in Trinidad 17 years ago.
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