Tatas' 'paranoia' surprises Mittal

The steel tycoon allays TISCO's fears even as he makes public his intentions to take over Indian companies.

Steel tycoon LN Mittal on Friday said he was open to acquire Indian steel companies.

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"Who said that I am not interested," he said at a press conference in New Delhi when asked whether he was interested in Indian companies.

On Tata Steel deciding to increase promoters stake to ward off hostile takeovers, Mittal said: "Why TISCO should be vulnerable... It is news to me."

On his proposed investment plans in Jharkhand and Orissa, he said: "We are evaluating our position. The progress (in Jharkhand) is not as satisfactory as we would like it to be. It may not be both. If the progress is not satisfactory, we will have to take a decision."