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Mittal team sets vision of Rs 40000 cr

Ranchi, June 6: Steel tycoon Laxmi Niwas Mittal is moving fast on his first proposed Indian investment, which is now estimated at over Rs 40,000 crore, in a plant in Jharkhand with a capacity of 10 million tonnes.

Mittal’s XI, a team of executives from his worldwide steel empire, arrived here today, to push forward preliminary talks last month with the Jharkhand government.

S.K. Satpathy, industry secretary, said: “It appears that they are interested in investing over Rs 40,000 crore in the state. They want to set up a 10-million tonne steel plant and carry out iron ore mining.”

During its week-long stay, the team ' nine from abroad and two from India ' will prepare a feasibility report after consulting state officials and identifying iron ore reserves Mittal Steel would tap.

“Three-four more persons are likely to join us soon. We will be staying here for a week or so and will submit our reports within 10 days,” said Mittal Steel mining director M.P. Singh in an interview to The Telegraph.

Soon after reaching here, the team members held an internal meeting in their hotel, and then headed to Nepal House for discussions with the secretaries of industry and mines and geology departments. Late this evening, they were scheduled to meet chief secretary P.P. Sharma.

“They informed us about the style of functioning of their company and sought information related to mining and industries. We have already constituted a team comprising officials of key departments, who will coordinate their meetings with the state machinery. If they want to visit the spots, we will make the necessary arrangements,” said A.K. Singh, mines and geology secretary.

Satpathy said the Mittal officials have shortlisted the places where they intend to set up the plant and will be visiting the sites.

“In this team, we have two steel-making experts from the USA and two from the UK, two mining experts from Australia and one from Kazakhstan, costing and logistics experts from Romania and legal, financial and infrastructure development consultants from India,” Singh said.

The experts will prepare several reports ' on iron ore mining, steel-making, financial requirements and infrastructure.

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