ArcelorMittal plans massive India investment

0 Comments | AFP, July, 2007

NEW DELHI (AFP) — Global magnate Lakshmi Mittal is looking to build two steel plants in India for about 18 billion dollars which would be the largest ever foreign investment in the country, reports said Thursday.

The investment by ArcelorMittal would eclipse the 12-billion-dollar steel plant South Korean rival POSCO plans to build in eastern Orissa state, the newspaper reports said.

The plans were announced after a meeting on Thursday between Mittal and India's Steel Minister Ram Vilas Paswan here, the Press Trust of India said.

But "we have to have raw material linkages, land and other things in place" for the projects to go ahead, Mittal was quoted as saying after the meeting.

Last December, ArcelorMittal, the world's biggest steelmaker, signed an...