Not easy to work in India: L.N. Mittal
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Not easy to work in India: L.N. Mittal

Thursday, 30 April 2009, 03:11 Hrs   |    15 Comments
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Not easy to work in India: L.N. Mittal
London: ArcelorMittal, the world's biggest steel manufacturing company, is finding India a difficult country to work in, its chief executive and Chairman Lakshmi Niwas Mittal said Wednesday.

"We realise it's not easy to build greenfield projects in India," Mittal said at a press conference held to announce first quarter results for his Luxembourg-based company.

Mittal said the entire process of building a greenfield project - from land acquisition to getting mining rights and ensuring infrastructure availability - has been "pretty slow".

"We are working with governments but progress has been pretty slow for approvals," he said in a response to a query by IANS.

He said the global downturn may be slowing down demand in India and that it was "important for us to monitor the economic environment".

"We will continue to monitor the market. We don't want to exceed our capacity," he said adding the company will focus on producing primarily for the domestic market.

ArcelorMittal recently announced it was delaying its projects in Orissa and Jharkhand by two years.

The company, announcing results for the three months ended March 31, said it posted a net loss of $1.1 billion, after making a profit of $2.37 billion a year earlier. Sales of $15.1 billion were down 32 percent from the fourth quarter of 2008.

Alongside, the company announced plans to raise $3 billion from the sale of shares and bonds as part of its strategy to reduce debts.

The Mittal family will subscribe to at least 10 percent of the share offering, the company said.
Source: IANS
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Reader's comments(15)
1: Its only fault of people of own nations.
Because they have chosen the govt. which always delays this kind of activities they just want to policing this .
I hope now people are understanding it they will definitely change their mind set in next general elections
Posted by:Ranjeet - 04 May, 2009
2: The present state of affairs in India is deplorable because of the non-existent Voter. Unscrupulous families have ruled the roost in the past and the same is happening now. Keeping aside the Gandhis,Singhs,Yadavs,Scindias can we as a Nation not bring forward the most capable and educated Indian from among our trillions. Yes we can, but the ruling class does not permit this to happen as is relevant from the so-called election in progress to select another 'thug' to loot the masses relentlessly. All hail the next 'Dr' to be elected to be the first citizen of this wretched country. Nothing can be done about a Nation living in its past. There will be no hope for the future. This is gauranteed by the vote to power of criminals/cheats/mafias etc.
Posted by:anoop - 02 May, 2009
You're right over there but i think the main culprit who should be blamed are the people, the indians as because this are the one who elect such Infidels. Unless the public don't change themselves, nothing good can happen of India. And i do not blame the Indians who reside in foreign countries as they are quiet aware of the ineffective system that runs our country. Come to think of it, What are the expenses of each party during the time of elections? From where does the amount gets generated?.
Tariq Replied to: anoop - 03 May, 2009
You are indeed right- people are responsible for this state of affairs in INDIA. as you know regrettedly, our mass population are treated by the politician only as nos of heads like cows & donkeys for their vote bank . They even ensure that mass people remain uneducated & poor so that the politician can rule over them and exploit at ease for long . It's high time, Indian in general must wake up, shaken up to bare those masked poiltician as we all had enough of these Yadav's,Gandhi's and so on. we do need fresh boold but with stern belief in India tradition and customs,well respected individial who are properly educated in traditional schools, colleges and not simply literate. We should vote to those candidates only irrespective of their symbol, sign but we need good people to take charge . I appreciate much TATA TEA's ad saying aap ka qualification and experinece kya hai.
amit Replied to: Tariq - 04 May, 2009
5: We are grossly mistaken,in previous years we have used ballot power to choose one from implanted candidate by national party/regional party.Now things have gone worse,voters are headless chckens or they can be easily fooled by their leadership,once you excercised ballot in their favour you become a party to it because there is no third option of rejecting or negative counting of vote casted.So in the present senario to lodge protest against forced balloting among candidates,go to the polls marked your physical presence but do not caste vote.Thus large number of non vote casters voice will come up in parliament. The govt may then forced to review balloting vis a vis candidate profile from the constituency he opted to win election.
Posted by:roni - 02 May, 2009
6: let's wipe out such a corrupt system through the power of ballot
Posted by:Akshay Kumar Mohapatra - 01 May, 2009
You are thinking that you are not 'PAPPU' may be true for 1st time voter but you will become a permanent PAPPU of their ' clan' in time to come learn from experience of your seniors so donot officially permit them to eat rubbery and malai Yes, you can not stop them alone by doing so but atleast you can proudly say that they are doing it without your consent and you have registered your protest for it.
rony Replied to: Akshay Kumar Mohapatra - 02 May, 2009
8: where are the nationalist and proud leaders?, take note of mittal's statement given before press, display on net the prompt action taken datewise by our beaurocratic system on receipt of the Mittal's proposal in India and negate his misconception publicly or alternatively accept his bonafide experience on Indian soil narrated before press boldly but donot look for lame excuses to justyfye our courrupt and demoralised office handling procudures and vested centralised power system. JAI- HO, WE ARE SLUMDOGS,DOGS HAVE NO DIGNITY SIR.THAT IS WHY WE ARE INDIAN,who bothers for his submissive statement given in press.
Posted by:ashish - 01 May, 2009
9: I invite you all to read the book of Shiv Khera \"Freedom is not Free\" and subscribe to his association to free India from the stigma of corruption. The person who wrote that Mittal never did anything to help India should ask himself the question: is he being given the opportunity to help? Would he have reached where he is had he stayed in India? I am and NRI and wish the best for India, to which I am emotionally attached. Shiv Khera talks about RNI - RESIDENT NON INDIAN in his book. He is right!
Posted by:Chic Fulena - 30 Apr, 2009
10: There has to be ownership and accountability in our system, when some one is investing in our country. Let the action items and plans be made public (whichever can be shared) and let the world / our country know about the facts and figures. Let politicians and beaureaucrats be accountable for these actions. This will not just help the country grow, it is both ways and makes way for better living of our countrymen. The patience is running out amongst the people. So many Indians are frustrated with our politicians as corruption levels are alarmingly higher. Not all politicians should be branded corrupt, but a sizable number is looting our economy without having any affinity to our country and does not have any guilt!

We all need to analyze and choose the ones that best fits our MLA / MP roles and the one who can give their heart and life for our country and countrymen. If you do not like them, please choose 'i do not choose any of these candidates' option, while you are polling.

Let's all help make this country a better place and i have no doubts that we can be world leaders in future.
Posted by:Shyam - 30 Apr, 2009
EASY SAID. These Emotions can not be Translated in Act/s. So
Talk, Talk...True, Coruption is Top Hurddle, The Solution is
EDUCATE COUNTRYMEN AT THERE LEVEL AND SOURSE/S. The Polling is over, during Voting, the Countries Top Polititians were
SPEAKING to People with Hate for the opponent as ENEMY, not as Fellow country human, with Different IDEAS...
Mohan. Replied to: Shyam - 30 Apr, 2009
12: Mr.Mittal took the good Decision, actually NRI will not able to start industry in our country. Because here our polician required his percentage than after they give permission or approve any project related task. thats the main draw back of our nation that bathae sabhi karthae hae ki hum country ka developement karaengae but when this types of Industrialist has come for making the industry than they (politician and Govt. servant) wants bribe and percentage on his project amount. WHY? this is the cause that our country brain drain can be happent every yr. Many ITs and Engineers went to US and other such country where the Govt. appriceate his talent and give handsome perks. THIS IS NOT A GOOD SIMPTOMES FOR US. THATS WHY CHANGE THE GOVT. BY GIVING VOTE & COOSE BEST POLITICIAN.
Posted by:VINOD TIWARI - 29 Apr, 2009
13: Yes. He will tell that. As a business man, he did never help India. But still the media is promoting him.
Posted by:Faron - 29 Apr, 2009
He is not telling the truth. After all he is a businessman. He only wants to make profit. He intentionally delaying the project due to market slow down and blaming the govt. I think his only intention is to grab the mining lease. I am from Orissa. As per my knowledge he has not deposited the required amount to purchase the land and not yet deposited the rehabilitation plan for people going to be affected due this project. Why should people give their land at throw away price. As per rule one has to invest 25% of the total project amount to get the mining lease. Why should govt. allocate mining if you are not full filling the term and condition.
pnayak Replied to: Faron - 30 Apr, 2009
You are absolutely correct brother. These so called industrialist are just out to make money. For them India or any other country does not matter. When they themself are not in compliance with the requirements they take a easy way out and blame the government. It would do Mr Mittal a world of good if he first bring some sort of accountability in his own organisation ( Airtel ) with which I and many other like me had harrowing experinace. I would perhaps say that indeed it is very difficult to use the service of his organisation. Mr Mittal its always easier to give lectures but very hard to practise it himself.
Shahbaz Alam Replied to: pnayak - 04 May, 2009