Sunday, April 20, 2008

ArcelorMittal to invest $25 bn in India

ArcelorMittal, the world's largest steel maker, is planning to invest nearly $25 billion in the country, according to a top company official. "India is one of the star performers and we are very bullish about it. We are committed to invest nearly $25 billion," Malay Mukherjee, member of the group management board of the company said.

Other investments by the company in India
Besides investing $10 billion each in Orissa and Jharkhand on 12 million tonnes steel project each, the company proposes to have more customer-oriented projects such as service centres in the country. "We are also working in joint venture in Chennai in stainless steel, for the automotive sector," Mukherjee said. ArcelorMittal is putting up two steel plants of 12 million tonnes capacity each in Orissa and Jharkhand at a total cost of $20 billion.

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