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Arcelor wants to expand in India
By agencies
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Tuesday, 21 February 2006, 20:30 IST
PARIS: Luxembourg-based steel giant Arcelor, the target of a takeover bid by Netherlands-based Mittal Steel, wants to expand in India, notably by teaming up with auto part manufacturer JBM group, a spokesman said on Monday.
The companys spokesman said that with its abundant natural resources, India is a "strategic priority" for Arcelor. The company is the worlds second largest steel producer, is already working with Indian conglomerate Tata to make cars.
The spokesman said, To complete this partnership, Arcelor is in discussion with an Indian partner, car component manufacturer JBM group, with the aim of creating a car welding plant together in Delhi or Puna.
Arcelors Chief, Guy Dolle said, We would continue to grow in countries where its presence is now minimal or non-existent, especially China, India, Russia and eastern European states. India is one of the first countries on Arcelor's strategic agenda especially because of the country's wealth of natural resources, notably iron ore.
In the next five years, the company wants to double its annual steel output to 100 million tones. In October 2005, Mittal Steel, headed by Indian businessman Lakshmi Mittal, announced a $9 billion investment in a steel project in India.