N Mittal, chairman, Mittal Steel, is finally setting up
a steel plant in India, independent of his brothers Pamod
and Vinod Mittal''s Ispat Group of Industries, with a new
12-million tonne plant.
Mittal, says he will invest over Rs30,00 crore ($6.5 billion)
in the plant in mineral-rich Orissa, where South Korean
steel giant Posco is also planning a $12 billion plant.
had earlier shown an interest in building a steel plant
in neighbouring Jharkand, but as his proposal has made
no headway for almost two years, he is reported to have
opted for Orissa instead, where iron ore would be available
chief minister Navin Patnaik has promised his government''s
support to the project after talks with the steel tycoon
in Orissa''s capital Bhubaneswar.
Mittal had said India and China would be the focus for
India''s demand for steel has been rising rapidly on the
back of infrastructure development as the economy shows