Mittal Metal – First ever Indian venture

The company’s Indian-born chairman, Lakshmi Mittal, says he will invest more than 300bn rupees ($6.5bn) in the plant in eastern Orissa state.

The steel plant will be Mr Mittal’s first in his native country.

Orissa is one of India’s mineral rich states and South Korean steel giant Posco is also planning a $12bn plant there.


The trackback URL for my previous entry on Mittal is:!47CC3F604E92E3C4!870.trak


Comment: Is Mittal anxious & in a hurry to invest for his very time in his home Country just because the South Koreans have beaten him in his acquisition race in recognising his own Country’s potential earlier than he did and have invested twice as much as he may be?



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3 responses to “Mittal Metal – First ever Indian venture

  1. Vijay Krishnan

    I think we should give him the benefit of doubt here. Indians are quick to welcome foreign investment but when it comes to giving respect and inviting indians and nris to invest we are still lagging as maybe we consider them our own and don’t give them any special treatment. The cost of doing business in India and the multiplicity of regulations and laws involved make it a tough proposition if you are in a price sensitive industry but once the investment matures over time that’s when it starts paying off. Maybe the need for the quick buck kept him away and now he’s in a position to take long term bets?

  2. Anant M

    Yes, if the treatment meted out to me as an NRI then is still the same even after all these years and even for the returning Indians – then that might explain Mittal’s shying away from his home Country.
    In order to attract inward investment it – India must re-examine and reflect inwardly upon its economic policies affecting all investors.
    India is however attracting a lot of investment in and around Bangalore in IT Industries by giving tax free periods followed by preferential tax periods followed by further sweeteners. Why such disparity?

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