The Telegraph
Since 1st March, 1999
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Ispat set to seal steel deal
- Junior Mittal ‘hopeful’

Ranchi, Jan. 11: While the elder brother went to the neighbouring Orissa apparently “dismayed and pained” by the state’s attitude, the younger Mittal, Vinod, seems undeterred and unperturbed.

Owner of the Ispat group, Vinod — the younger brother of steel czar L.N. Mittal — has shown interest in establishing a 2.8-million-tonne steel plant in the state. The investments would be to the tune of Rs 6,000 crore and above.

The company is signing a MoU with the state government tomorrow at the Nepal House secretariat. “The industries secretary K.K. Khandalwal and industries director Rahul Purwar would be representing the state government. After the MoU formalities are completed, Vinod Mittal would call on chief minister Madhu Koda,” sources added.

The industries secretary confirmed that Vinod’s company would indeed be signing the MoU tomorrow to establish the steel plant.

The government, he pledged, would render all assistance to help the company in the fructification of the MoU.

Interestingly, junior Mittal is scripting the MoU at a time when his elder brother L.N. Mittal is looking at Orissa for establishing his new 12-million tonne steel plant with an investment of over Rs 40,000 crores. L.N. Mittal had initially signed an MoU with Jharkhand government for the steel plant. But “lack of support” from the state government reportedly forced the senior to look towards Orissa for his greenfield project.

Industries department sources said this would be the 55th MoU that the Jharkhand government would be signing tomorrow.

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