NEW DELHI: He presides over the world's largest steel-making company however the Indian passport holder Lakshmi Mittal, chairman and CEO of ArcelorMittal, has all the time wanted to enter the metal sector in the country of his beginning.
And, his dream would possibly quickly turn into truth. ArcelorMittal won the bid on Friday to procure Essar Steel for Rs 42,000 crore, marking an finish to a demanding combat to bag the debt-laden firm. But, there may be nonetheless some hurdles to cross as Essar Steel made a last-minute bid to retain regulate of its mission.
"We want to participate in the growth process of India. We could not get any greenfield projects and we see opportunity in Essar that is why we put in our bid," Mittal had instructed TOI in an interview earlier this yr as he carefully monitored the twists and turns in the bidding procedure. ArcelorMittal has 199,000 staff throughout 60 nations. It is the world's largest metal and mining company.
The metal baron, who's seemed for his turnaround strategy, had earlier made a number of attempts to set up greenfield projects in India but remained unsuccessful. He had readied plans for putting in place two vegetation of 10 million tonnes capability (each and every) in Jharkhand and Orissa but may just not accomplish that due to a number of issues, including provide of iron-ore, land acquisition and allocation of coal mines for putting in place power vegetation.
ArcelorMittal, which used to be set up with the merger of Arcelor and Mittal Steel in 2006, had also signed an agreement with Steel Authority of India for a $1-billion mission for automotive metal.
Mittal had said that he has an elaborate plan to ramp up capability if his company bagged Essar Steel. "We can bring in new technology. There is potential for growth and we have an aspiration to grow considerably beyond the current name-plate capacity. It will be a platform to bring our products and technology. We have a vision to transform the company both in terms of production volume and capabilities, which is important to support the development of the Indian economy," Mittal had said in the interview.
And, his dream would possibly quickly turn into truth. ArcelorMittal won the bid on Friday to procure Essar Steel for Rs 42,000 crore, marking an finish to a demanding combat to bag the debt-laden firm. But, there may be nonetheless some hurdles to cross as Essar Steel made a last-minute bid to retain regulate of its mission.
"We want to participate in the growth process of India. We could not get any greenfield projects and we see opportunity in Essar that is why we put in our bid," Mittal had instructed TOI in an interview earlier this yr as he carefully monitored the twists and turns in the bidding procedure. ArcelorMittal has 199,000 staff throughout 60 nations. It is the world's largest metal and mining company.
The metal baron, who's seemed for his turnaround strategy, had earlier made a number of attempts to set up greenfield projects in India but remained unsuccessful. He had readied plans for putting in place two vegetation of 10 million tonnes capability (each and every) in Jharkhand and Orissa but may just not accomplish that due to a number of issues, including provide of iron-ore, land acquisition and allocation of coal mines for putting in place power vegetation.
ArcelorMittal, which used to be set up with the merger of Arcelor and Mittal Steel in 2006, had also signed an agreement with Steel Authority of India for a $1-billion mission for automotive metal.
Mittal had said that he has an elaborate plan to ramp up capability if his company bagged Essar Steel. "We can bring in new technology. There is potential for growth and we have an aspiration to grow considerably beyond the current name-plate capacity. It will be a platform to bring our products and technology. We have a vision to transform the company both in terms of production volume and capabilities, which is important to support the development of the Indian economy," Mittal had said in the interview.
Fourth time lucky? Lakshmi Mittal set to get India foothold
![Fourth time lucky? Lakshmi Mittal set to get India foothold]()
Reviewed by Kailash
on
October 27, 2018
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