The Hindu : Business : Corporate India cheers Arcelor deal

Online edition of India's National Newspaper
Tuesday, Jun 27, 2006

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Business

Corporate India cheers Arcelor deal

Special Correspondent

NEW DELHI: Corporate India has hailed Laxmi Niwas Mittal, a steel tycoon of Indian origin, and the Arcelor management for their decision to form the world's largest steel behemoth.

Federation of Indian Chambers of Commerce and Industry chief Saroj K. Poddar expressed happiness that the management of Arcelor finally took a balanced and mature decision which was in their best interest. The deal was in recognition of the success and maturity of Mr. Mittal and FICCI believes that it was an indication of the big role that industrial groups of Indian origin would play in the global economy in future, he said. With the Indian economy growing, FICCI said, more and more groups would acquire companies abroad to form global entities of Indian companies.

New benchmark

The Confederation of Indian Industry (CII) is delighted at the successful culmination of Arcelor and Mittal Negotiations. It is proud of the leadership of Mr. Mittal, which has set a new benchmark in a globalising world and in raising the banner of the power of the Indian enterprise, CII President R. Seshasayee said.

Assocham hailed the manner in which Mittal Steel successfully attempted to merge with Arcelor to form a gigantic company, Arcelor Mittal Steel, which will account for 10 per cent of global steel production.

Anil K. Agarwal, Assocham President said, "though the exact details of the merger have yet to come out, what is heartening is that a non-resident Indian has shown a business acumen of high degree by getting associated with Arcelor with about 45 per cent of stake in it.''

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