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NRI Mittal, steel tycoon in India -
Worried Tatas in Steel Sector

 

UK, July 04, 2006
NRI press
Rajiv Sharma

NRI, 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.

Mr. Mittal 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 Murli Deora.

Now Tata 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.

This is 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.

 



NRI, Lakshmi N Mittal is the world's third-richest person, behind Bill Gates and Warren Buffett.

  • Worth 14.8 billion pounds is richest Asian in Britain.