HT Image
HT Image

Nothing can stop Indian projects: Aditya Mittal

Unfazed by delay in executing its $24 bn steel projects, Aditya Mittal vows not to give up on India venture saying even hostile reception didn't dissuade them from acquiring Arecelor.
PTI | By HT Correspondent, New Delhi
UPDATED ON MAR 06, 2008 02:56 PM IST

Unfazed by delay in executing its 24 billion dollars steel projects, Arcelor Mittal top official Aditya Mittal has vowed not to give up on India venture saying even hostile reception, including forced landing by gunship in Europe, did not dissuade them from acquiring steel giant Arecelor.

"We are a steel family and love steel more than anything. How can we give up in India when we did not give up on Arcelor despite hostility," Aditya, considered the brain behind the takeover of the European steel giant in 2006 and the CFO of the combined entity, told PTI.

In a nostalgic mood, Aditya recounted the "hostile and cold reception" that he got from a Prime Minister and a Finance Minister of some European countries.

"When we launched the bid (for Arcelor) there was tremendous opposition. There was a Prime Minister who went to Parliament and gave a 45-minute speech denouncing the deal and said they will everything in their power to stop this deal.

"I remember having breakfast with another Finance Minister of another country. They told me that a hostile deal deserves a hostile response. Never mind that country's own companies have done their own hostilities. Now I remember sitting there for breakfast.

"The coffee was served but it was cold. The cuisines were there far off. No matter how much I stretched I could not get any of the bread. So there was no breakfast. Not only the coffee but the atmosphere was also cold," Aditya, son of LN Mittal who is the fourth richest person in the world, said.

Emphasising that India was the biggest focus for the group, he said the commitment to start the project would not falter and exuded confidence of breaking the ground for the two projects later this year.

Story Saved