Monday, June 26 2006 12:07 Hrs (IST) - World Time -

New Delhi: Even as Mittal Steel and Arcelor representatives are trying to hammer out a merger deal, Commerce and Industry Minister Kamal Nath said Mittal's bid demonstrated the 'intellectual ability' of Indians and People of Indian Origin.

"There is a new economic architecture and India and countries, which had a different mindset now have to face it that in the new global architecture, India has to be a major player," Nath, who is currently on a tour to the United States, told Times Now news channel.

The criticism of Mittal's bid by some countries just because he happened to be of Indian origin was against the services textured in the WTO, the Minister pointed out.

He said that it was a demonstration of India and People of Indian Origin's intellectual abilities and countries, which initially criticised the bid, were realising that globalisation meant cross-border investment from both sides.

Meanwhile, the Boards of Arcelor and Mittal Steel were deliberating separately on the merger deal on the bid offerred by Mittal.