Friday, July 7 2006 18:31 Hrs (IST) - World Time -

New Delhi: After emerging successful in acquiring the world's number two steel giant Arcelor, L N Mittal today (July 7, 2006) announced plans for investment of Rs 40,000 crore in a steel plant in India and did not rule out takeover route in the country of his birth.



"We are open to acquisition," he told reporters while outlining his plans to mark his presence in India through a 12 million tonne steel plant. It was, however, not clear whether the plant would finally come up in Orissa or Jharkhand, where he was unhappy at the progress of an identical project.

His son and Chief Financial Officer of Mittal Steel, Aditya said, "Takeover candidates are far less and limited. I don't expect any fireworks at least this year."

Starting his day long whirlwind India visit from Orissa with a meeting with Chief Minister Naveen Patnaik, Mittal Sr called on Prime Minister Manmohan Singh, Finance Minister P Chidambaram and other dignitaries here.

Asked if the Rs 40,000 crore investment announced earlier in the morning for a steel plant in Orissa would be in addition to identical investment announced by him in Jharkhand, he said his company would invest a total Rs 40,000 crore in India over the next 5-7 years.

"Our goal posts keep on changing. Wherever we are faster, we will go," said Mittal, who had earlier expressed unhappiness over the progress of his 12 million tonne greenfield project in Jharkhand.