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Not locating capital to India: Mittal

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Mr Lakshmi Mittal
Mr Lakshmi Mittal

Indian steel magnate Lakshmi Mittal has no immediate plans to invest in India, where his recent attempts to build steel plants in Jharkhand and Odisha reportedly face local opposition and wrangles over land acquisition, says a media report.

Mr Mittal, who is Britain’s richest individual, told The Sunday Times that India remained a priority but not for investment. He said: “India remains a priority but not for investment. I’m not locating capital to India or China as I don’t see things progressing there. Now our priority is to reduce debt, we sell non-core assets. But we continue to invest in mining and become self-dependent.”

(This article was published on July 29, 2012)
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Comments:

India has worst form of crony capitalism, where local family owned
businesses which want a monopoly of local resources do not allow foreign
investment and not even NRI investment. The government is hand and glows
with these crony capitalists and all these tribal protests in Orissa and
Jharkhand are just eyewash. I have lot of respect for Lakshmi Mittal, he
took a right decision 3 decades ago by leaving India and migrating to
UK. Even now he has taken a right decision. Nothing works in India for
efficient people.

from:  Radha
Posted on: Jul 30, 2012 at 15:19 IST

it is the best time for Lakshmi Mittal to locate his capital to India, clearing the land use hurdles employing the best legal and negotiating talents. he will have the opportunity to create the employment much needed in Indian and at the same time incur lesser costs on legal hurdles than when he postpons dealing with it.

from:  Dr.Rekha Jagannath
Posted on: Jul 31, 2012 at 13:42 IST
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