Mittal Steel Heads Fast On India Plans

After acquiring Arcelor, L N Mittal has set his sights on Orissa. While there is still no clarity on whether Mittal's India plans still include Jharkhand, CNBC-TV18 learns that Mittal Steel is moving fast to firm up its plans for a 12 mt plant in Orissa.

The Orissa government has said to have shown seven possible sites to an expert team from Arcelor Mittal and four sites have been shortlisted.

He told Business Line that the company and promoters are in the process of complying with the additional statutory formalities. In view of this, the original schedule of activity as disclosed in the public announcement has now been kept in abeyance. He said the company and promoters expect to receive the approvals shortly and the revised schedule would be announced thereafter.

He told Business Line that the company and promoters are in the process of complying with the additional statutory formalities. In view of this, the original schedule of activity as disclosed in the public announcement has now been kept in abeyance. He said the company and promoters expect to receive the approvals shortly and the revised schedule would be announced thereafter.

The buyback was aimed at maximising returns to investors and enhance overall shareholder value by returning surplus cash to shareholders in an investor-friendly manner, the company had announced earlier.

Source: Hindu Business Line