India is not my top priority for investment: Lakshmi Mittal

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Lakshmi N Mittal
Ahmedabad, Mar 24: Unhappy over delay in getting clearances for his projects, the world's largest steelmaker Lakshmi N Mittal said India was not his top priority for investment.

Speaking to newsmen on the sidelines of convocation of Indian Institute of Management, Ahmedabad(IIM-A), where he was the chief guest on Saturday, Mittal said "I do not want to give you any timeline about my Indian projects... experienced so much of delay."

".. India is not in my top priority for investment, it is top priority as a country but not a top priority for investment," Mittal said.

ArcelorMittal, the steel giant belonging to L N Mittal, had inked an MoU with Orissa government in Dec 2006 to set up a 12 mtpa steel plant in Keonjhar district at an investment of Rs 40,000 crore but it has been facing delay.

Another project of the company in Jharkhand is also facing delay.

Meanwhile, sharing his global outlook on steel, Mittal said that despite the European steel demand being down by 30 per cent, emerging countries like India and China as also Africa will continue to do well.

According to him, global steel demand would continue to grow at around 3.5 per cent.

"Inspite of the fact that European steel demand is down by 30 per cent... there are many countries around the world like American region, emerging markets like India, China, Africa, all these countries will continue to grow," Mittal said adding globally the demand for steel would continue to grow at 3 to 3.5 per cent.

PTI

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