Mittal, steel tycoon in India -Worried Tatas in Steel Sector
Lakshmi Mittal, London-based steel magnate with a
fortune worth 14.8 billion pounds, richest Asian in
Britain will arrive in New Delhi on July 7 to review his
India plans, just days after reaching a $33 billion
agreement to merge Mittal Steel with its nearest rival
Luxembourg-based Arcelor to create the world's largest
steel with a capacity of 120 million tonnes.
has very keen interest in India and its booming economy,
which would provide an excellent platform for his
expansion plans. He is also interested in India's
hydrocarbon sector and may take this issue with meeting
Prime Minister Manmohan Singh and Petroleum Minister
Sons of Tata Steel, plans to raise its stake in the
company to 33 per cent to prevent takeovers. Tata Steel,
which recorded Rs 3,700-crore in FY 06, like to raise Rs
6,500 crore within the next few months for further
expansion. Tata group chief Ratan Tata told shareholders
at the company's 99th AGM here on Wednesday and will be
investing Rs 1,300 crore and after the 10 per cent
preferential issue, Tata Sons holding in Tata Steel.
This will increase to 33 per cent from the present level
of 26 per cent. Tata also announced a Capex of Rs 70,000
crore over the next ten years to make Tata Steel a 30
million tonnes per annum company.
great news for India because NRIs are taking a great
intest in manufacturing area. India is too behind in
manufacturing area. IT is the only service industry that
cannot make India shinning.