Business Chambers hail Mittal's nerves of steel

New Delhi, Jun 26: Expressing happiness over the successful culmination of the Mittal-Arcelor negotiations to form the largest steel company worth .21 billion, the business chambers today congratulated Mr L N Mittal for his leadership and vision.

''CII is proud of the leadership of L N Mittal, which has set a new benchmark in a globalising world and in raising the banner of the power of the Indian enterprise,'' CII President R Seshasayee said.

FICCI President Saroj K Poddar congratulated Mr Mittal and the Arcelor management for their decision to form the world's largest steel behemoth.

''It is a great day for Indian industry and business as well. The deal is a recognition of the success and maturity of Mr L N Mittal, Mr Poddar added.

With the Indian economy growing, more and more groups will also be going out to the global market and acquire companies to form global entities of Indian companies, the FICCI President said.

The Associated Chambers of Commerce and Industry hailed the manner in which Mittal Steel, owned by the industrialist of Indian origin, Mr L N Mittal successfully attempted to merge with Arcelor to form a gigantic utility steel producing company, which will account for 10 per cent of global steel production.

''It is a monumental success for Mr Mittal, which has brought pride to India as one of her sons has accomplished the most difficult and arduous task by merging Mittal steel with Arcelor in a fair and transparent manner,'' said ASSOCHAM President Anil K Agarwal.

UNI