India plans may not happen for 5 more yrs: ArcelorMittal

**New Delhi:**Having waited for six years to get $30billion projects implemented in India, Lakshmi Mittal-promotedArcelorMittal today said its investment may not materialisefor another five years, as it recognises that patience isrequired to realise mega plans in the country.

“While remaining committed to its proposed investments,ArcelorMittal recognises that patience and a significantlylonger timeframe are required to realise mega projects inIndia. As such, we don’t expect our greenfield projects

materialising in the next five years,” company spokespersonsaid here.

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She said in India the processes of acquiring land,obtaining governmental approvals and securing raw material aremarred by considerable delays.

ArcelorMittal’s CEO LN Mittal had told shareholders ofthe world’s largest steel producer in Luxembourg yesterday,“we continue to experience difficulties in India. My belief isthat the Indian projects may not see the light for five to 10

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years.”

ArcelorMittal had announced plans to set up two steelplants of 12 million tonnes each in Jharkhand and Odisha in2006. Later, it also unveiled a plan to establish a six-million tonne plant in Karnataka.

While the Jharkhand project is making slow progress, theOdisha plans have been on the backburner, largely due to landacquisition issues and regulatory hurdles.

However, in Karnataka, it has made progress. “We havereceived possession of 1,828 acres and understand thatKarnataka Industrial Areas Development Board (KIADB) isprocessing the transfer of additional 827 acres,” the

spokesperson said.

PTI